When you’re dealing with debt, one of the most stressful things can be the constant harassment from debt collectors via phone calls and letters. Fortunately, you do have some rights and protection as you deal with them.
Debt collectors are required to follow certain guidelines as they attempt to collect outstanding debts. They are different from Province to Province. For example, they can’t call before 8:00 am or after 9:00 pm.
There are a few ways to deal with debt collectors. The simplest is to simply not answer the call. If you have caller ID on your phone and don’t recognize who is calling, don’t answer. If it turns out to be somebody you would like to talk to, he or she can leave a message.
The most obvious and effective option for dealing with debt collectors is to actually pay the debt. After all, you agreed to pay the debt when you acquired it and you, therefore, should repay the creditor who lent you the money.
If you are unable to repay the debt in full at once for some reason, you may be able to negotiate a reduced interest rate or partial repayment if you explain your situation. Keep in mind, however, that telling a creditor you’ve run up the debt by doing too much unnecessary shopping is not going to gain you much sympathy. On the other hand, if you’ve just been fired from your job and are going through legitimately difficult financial times while you look for another, this will likely give you some room for negotiation.
If you do negotiate a better deal with your creditors, be sure to keep your word and pay what you’ve said you would. While bill collectors may seem relentlessly cruel, they’re really just there to collect the money you owe. That’s their job. Once you have made arrangements with creditors to repay what you owe them and have shown that you can be trusted to keep your word, bill collectors will move onto other people and leave you alone.
Alternatively if your are in a tight spot and need assistance beyond just paying the debt. Reach out to us and we would be glad to assist you in a debt rescue plan.