When a debt collector calls you, you may be caught off guard.
Being unprepared in such a scenario could make you agree to unfavorable terms offered by the debt collector. You may also lose your temper, which would not play out in your favor.
What Should You Do When a Debt Collector Calls?
- Ask for documentation. Request that they provide you with a debt validation letter.
- Record conversation details. It would be bet if you had a collections entry, a recorded sheet with the time and date whey your debt collector called, their name, and the highlight of the conversation.
- Negotiate payment terms. If the debt owed is a considerably large amount, creditors might be willing to agree to a single payment of only 40% to 60% of the debt amount.
- Talk to an attorney about your options.
What Not to Do
- Disclose personal information such as your bank account number or social security number.
- Make a payment in good faith. This will only increase the statute of limitations.