With high unemployment rates and unprecedented indebtedness, an increasing number of Americans are finding that they’re on the receiving end of debt collection calls. And, because debt collectors are having a difficult time meeting their quotas, an increasing number are resorting to hardball tactics that put fear into the hearts of consumers.
Debt settlement is when you call a creditor or Debt Collection Agency Scotland and tell them that you don’t have “X” amount of dollars to pay the whole debt, but if they agree to consider the case closed and that the debt has been satisfied, you can come up with a smaller amount instead. Many debt collection agencies have actually started to offer the opportunity to settle your debts before you even ask because it’s an easier way for them to get their money.
If you take into consideration that relatively few people lodge a formal complaint, then you realize the actual number of violations must be very high indeed. In fact, it’s a little too high to account for the size of the industry and the volume of accounts that are in collections. Unfortunately, the situation seems to be getting worse instead of better.
If that is not enough, the collection agent will employ different techniques. They can be very persuasive and will put pressure on the debtor. They also know how to deal with excuses. These collectors have many years of experience and they possess expertise. Even if the courts and the systems have failed to recover money, you can seek help from a debt collector. A nation-wide agency ensures that you can retrieve money from any part of the country. Even if your debtor disappears with the money, the agency will use state of the art tracing software to locate them anywhere in the country. Not just that, they are also experienced investigators in the field. They can easily trace absconding debtors. This agency has a high success rate and they have many satisfied clients.
When you start fixing your credit, pay down balances on the credit cards as soon as you can. First, work on the accounts with the highest interest rates and the highest balances. This will show creditors that you are responsible with the cards.
The idea of turning the tables on debt collection agencies is not to enable you to ignore your debt problem. If you ignore it for long enough it will get to the stage where drastic legal measures are taken. You should use the breathing space given by these techniques to consider what the long-term solution to your debt problems is going to be, and get some good free advice.
Remember that knowing your rights can help you avoid annoying debt collectors. Even though you may owe them money they do not have the right to do whatever they want. They can contact you and only you to try to collect on the debt you owe them. They cannot however tell you that you will spend time in jail if you do not pay them.