My Finance Guide

Are you aware about the advantages of having your own credit cards? There are situations in your life when you do not have ready cash in your hands. Credit cards prove to be of great help in such circumstances with which you can make your necessary purchases. But the drawback of having credit cards is that you end up with excessive bills that you find unmanageable to pay off. As such, you get entangled into huge debt problems and before you realize it, the debt collectors start calling you during the odd hours. However, you can put an end to such harassments by knowing your rights properly.

4 Steps to know your rights and avoid getting harassing calls

Have a look at the 4 steps to know your rights and avoid getting harassing calls from the creditors.

1. Go through the Fair Debt Collection Practices Act carefully – It is very important on your part to go through the Fair Debt Collection Practices Act or FDCPA carefully before you decide to talk to any debt collector over the phone. The FDCPA forbids the debt collectors from using offensive tactics to collect their money from you. There are rules in FDCPA under which a debt collector cannot threaten you for taking any legal step against you for getting the outstanding payments.

2. Request debt collectors to send you dunning letter – The debt collectors need to send dunning letter to the debtors. This letter is usually received before you start getting harassing calls from them. The dunning letter needs to enclose your original name, address, the creditor’s name whom you need to pay off the amount and the exact amount that is outstanding. You get a time period of 30 days from the date you receive the letter to solve your debt problems. Make sure that you respond to the dunning letter in writing and ask for proof that the outstanding debt is yours.

3. Enable unanswered calls to answering machine or voice mail – The debt collectors keep calling you every now and then and in this busy schedule life, it is quiet certain that you would have to go out from your home for several reasons. Make it a system to let the unanswered calls go to your answering machine or voice mail box. Also make sure to have caller line identification in your number.

4. Speak politely and get all your documents - The debt collector will try every possible way to make you angry by giving repetitive calls very frequently. There are also some who may fear you so that you pay them off their outstanding amount soon. Make it a point to note down the name, phone number, company name and the payment terms you decide with every debt collector you talk to. Ask them to provide you written document for the payments that you’re going to make. Keep in mind to speak politely with the debt collectors and make sure to get all the necessary documents from them.

Thus, by following the above steps, you will be able to know your rights and avoid getting harassing calls from the debt collectors.