Got a call from creditors? The best way is not to hide or to get angry at insistent calls from credit collectors.
Deal with it immediately and get the benefits of handling your creditors in a timely and professional manner.
Here are some tips to help you deal with creditor phone calls.
Communication is the key - Do not be afraid of these people.
The most prudent way to deal with creditors is to openly communicate your financial situation with them.
Deliberately avoiding to speak with them when they call you will only aggravate the situation.
Normally, the first calls would come from the debt recovery team or late payments department of the credit company.
What they want to know is the reason for your late payment.
Then they would be asking you to pay your bill the soonest possible time.
Creditor phone call tactics Most creditors have varying ways of collecting the unpaid bill.
It all depends on the amount of money owed to them.
Sometimes the biggest pressure can even come from the creditor to whom the least amount of debt is owed.
This is quite logical actually since the person who is in serious financial straits will most likely pay a lesser amount as compared to one who owes a bigger amount.
It is easier to exert pressure to pay some degrees of payment on a person who owes a few hundred dollars to someone who owes thousands of dollars.
Creditor phone calls can also vary in terms of regularity.
Some will call on a regular basis but others may not give you a call at all.
But when they contact you, there will be varying types of calls as well.
There will be calls that are courteously done and will only leave you with a gentle reminder while there will be threatening calls that tells you to pay or else face the legal consequences of refusing to pay an unpaid debt.
The best ways to deal with a creditor call is to politely address the caller despite the fact that a rude caller is on the other end.
You can also ask for the name of the caller and the credit company that he represents.
Note down the date, time and extent of the call as well as the important matters mentioned during the conversation.
In a courteous manner, finish the call as soon as possible while preventing any discussion on repayments.
It is best not to make any promises for payment.
You might be tempted to make one in order to end the call but this can make succeeding calls more difficult.
Remember to be on top of the call because, after all, you are ultimately the customer.
If you wish to enter into an debt management program, it is advisable to state your current proposal for an agreement or debt management program.
Then provide them with the name and contact information of the insolvency practitioner or debt management company.
You can tell them to call your practitioner immediately as you are most likely to have been advised to pay your creditors at all.
If you wish to avail of a bankruptcy proceeding, you can inform the creditor of your intent to file a petition for bankruptcy with a local county court.
Should there be any difficulty on your part to continue at any point of the telephone call, you can tell the creditor that you are terminating the call and can ask them to call you back at any other time.
There are various debt solutions that are at your disposal.
If you cannot decide on which one is best for you, then contact a professional debt counselor immediately