Stop Debt Collectors With These 11 Powerful Proven Tactics

So many times in our lives we are contacted by debt collectors. You may have had one such experience yourself and found yourself quite intimidated by the actions of these collectors. They seem to have no respect for you as a consumer and they try to intimidate you into doing what they want which is to pay off your debts. What can you do?

There is hope. There is a process that you can use to stop collection activities from occurring, and it is simple. The first step is to know your rights under the law and then follow those rights. One of the easiest ways to do this is to make a list of your rights under the law. This is a short list that will allow you to easily identify what you need to do to stop collection activity. The following list explains the 11-word phrase to stop debt collectors and provides a list of things that you need to do.

The first word is "loan forgiveness." Under the federal Fair Debt Collection Practices Act, all collectors are prohibited from contacting you about or encouraging you to obtain a loan forgiveness of any kind. This includes any reference to loans, mortgages, or tax debt forgiveness. The phrase "loan forgiveness" is important because debt collectors cannot take you to court or threaten you in any way.

Next is "written validation." If you have been contacted by a debt collector and that the collector has requested a written verification of a debt from you, then you are required to respond with a written validation of the debt. You must include all of your credit card accounts and the creditor's contact information, the balance owed, the date that the account was opened, and whether the account is past due. If it is past due, the creditor must also provide you with a plan for repayment. You can dispute this, but if you do not, then the collector may still try to collect on the account.

The third word is "wall calendar." This word is very important because it tells the debt collectors that you have stopped the collection efforts and you wish to keep the account current. The only exception to this is if the debt collector has already used the wall calendar to request a payment from you by reminding you of the debt, or if you are in the process of writing a settlement letter and the collector has already reminded you of your payment request. If you have done this and a payment is still not received, then the collector is required to send you a letter stating that you have not followed the terms of their agreement. Click here for more details about precision castpartsfederal credit union

Finally, you must send a "cancellation" letter to the creditor. You are required to provide the creditor with written proof that you wish to terminate your account. It should be an original letter sent to your creditor with your signature on it. If you don't wish to cancel your account, then the debt collectors have to give you a copy of the letter you sent them. Again, it is important for you to provide proof that you are requesting the cancellation of the account.