Getting calls from creditors can be unnerving. If you are overwhelmed by debt that you can’t climb out of, then a bankruptcy attorney can help you put an end to the calls and stop interest, fees, and penalties from building. If you get calls from creditors, it’s very important to tread carefully when speaking to them. The best strategy is to contact a lawyer as soon as calls start coming in, but you can protect your rights in the meantime by avoiding these actions when you have a creditor on the line.
Never Provide Financial Information
Creditors will often request personal financial information by saying that they need to verify your debt or try to qualify you for paying a lower amount. In reality, this information may be used to collect money from you, particularly if the collector gets a judgment against you. Don’t give any information to a creditor that could be used for identity theft—this is the information that can be used against you in the future. This includes things like account numbers and the value of property that you own.
Don’t Make a Payment
It may seem like making a payment will show a creditor that you want to make good on your debt, but if you do so outside of a settlement plan, your payment could reset the clock on the money you owe. The amount of time in which creditors can pursue you for payment begins on the date of the last payment. Your good-faith payment actually gives creditors longer to pursue you.
Resist Being Aggressive
Harassing phone calls are enough to make anyone angry, but remain calm and polite when talking to creditors. Calls are recorded, and if you need to dispute any part of the collection process or negotiate a settlement, it will work against you if there is a recording of you using profanity or being aggressive.
Don’t try to navigate the debt collection process yourself. At Cutler & Associates, LTD., our experienced bankruptcy attorneys in Aurora will put a stop to collection calls so you can get a fresh financial start. Talk to an attorney and get a free case consultation today by calling (847) 961-4572.