I have spoken with a certain debt collector and have told them I don't have the money to pay off the debt they keep calling multiple times everyday. Is there anything I can do?
2007-10-07 14:23:07 · 5 answers · asked by Chachi 1 in Business & Finance ➔ Personal Finance
I feel where you are coming from. I had to deal with the same problem myself a couple of years ago.
As for how far debt collectors can go, they may ask for your neighbor(s)' information, employment info, even bank accounts. If you have a bank account, don't give them this information, very few creditors will play it straight once they have your info.
If you have any steady income, it would be a good idea to pay a small amount on your debt when you can. You should also look into a Consumer Credit Counseling agency. They may be able to help you set up a budget and help reduce your debt.
Even if you pay installments on this debt, if it is not what the creditors want as far as a formal agreement, they might still attempt to contact you.
Also, check your state's laws. Some states provide additional protection and regulations regarding how and when creditors call and contact you.
This link to the FTC's website provided some great info on booklets that are available when dealing with debt and debt collectors:
http://www.ftc.gov/bcp/menus/consumer/credit/debt.shtm
2007-10-07 15:37:11 · answer #1 · answered by Cassandra-Angelique 1 · 0⤊ 0⤋
I am going through that right now. They will call and call and call till you turn blue. I couldn't afford the debt that I owed so I went to a Credit Counselor four months ago and she went over my budget, etc. Then she gave me this folder with information. In this folder had info on how to write a letter to these collectors telling them that you will make small increments of payments a month. You will have to get it notarized before you send it. Send it with a check for $10.00 or $20.00, etc. At that time, they legally cannot do anything to you, such as garnish your wages. While you do this, your counselor will set up a contract with these fellas and you are on your way. This is not what the collectors want, and they will lie to you saying that you cannot do this, but you can. I am living proof.
2007-10-08 14:09:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Legally, calling more than once a day is not allowed. If this is a credit card collector, violating the law is required to keep the job. NOTHING a credit card collector says is true. The NAME they gave you is a lie.
2007-10-07 21:51:20 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
As long as they do not violate the fair debt collection practices act they can call as many times as they wish in a day as long as they aren't calling before 8 am and after 9 pm. They cannot threaten you personally, harrass you (this does not mean they cannot call as many times as they wish, this means if you have a deal in place with you and you are adhearing to it and they are still calling...you have no deal you just have told them you have no money, not good enough to be considered harrassment) or call before or after allowed times. If you send them a certified letter stating they cannot contact you about this debt they have to stop contacting you by phone. See this website about fair debt collection practices:
http://www.creditinfocenter.com/rebuild/creditorharassment.shtml
2007-10-07 21:49:56 · answer #4 · answered by Anonymous · 0⤊ 1⤋
They will pester you until you find a way to pay what you owe, unfortunately.
But if you think about it, that's EXACTLY what you would do if someone owed you!
2007-10-07 21:36:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋