While people do have the right to privacy and fair treatment, complaining against collectors doesn't clear the debts owed. Experts maintain that harassed or aggrieved borrowers are still duty bound to repay their lenders, so the least they can do is talk to debt collectors.
Here are some tips for dealing with them:
Answer the calls
It is not a good idea to ignore calls from debt collectors. If you find it inconvenient to pick up your phone, call back as soon as you can. If you don't speak to them, you can't tell if your unpaid dues have been miscalculated or you may have been wrongfully fined. Besides, there can be severe consequences of you failing to take actions.
They can go a step further by contacting your employer, friends or even your family to know your whereabouts. Ignoring them can also push your lender to take a legal action, which ultimately may lead to you landing in prison.
Stay calm
Don't easily engage into a shouting match with your caller. By the tone of your voice, debt collectors are most likely to detect if you are nervous or someone who can be pushed over. Try to speak slowly and calmly. This will give you a level of defence. Don't mistreat them. If you do, they will react negatively, as most people do.
Examine balances, fees or charges
Ask as many questions as you can, so you will know where you exactly stand. Review thoroughly the amount you are being asked to pay. Find out how much your original debt was and ask the collector to give you a breakdown of any interest, fees or charges that have been added to your bill.
Seek solutions
It's true that the collector's sole objective is to collect your money, but it may be worth trying to suggest or seek ways to repay them easily. Bear in mind that the terms of a new payment arrangement will largely depend on the type of loan, how much you owe and your delinquency status. Before making a proposal, review your budget and find out how much you can afford to pay each month.
Debt collectors normally hold the accounts for about six months before sending your case to the legal department, so you should have enough time. But don't sit around much longer. Failure to propose a payment arrangement in the first few months may drive the collector to deny your future pleas or push for higher payments.
Put it in writing
If you want to dispute a payment due, put it in writing and have it couriered to the bank or agency that is pursuing you. Hold on to any proof of receipt. This will prove useful in case you land in court. If your bank or collector also agrees to your proposed terms of repayment, put everything on paper. Don't just rely on verbal assurances.
Record everything
It is very wise to keep tabs of your correspondence and conversations with debt collectors. Since you are likely to receive calls from different people about the same debt and many will agree on something the others are unaware of, take notes of the things discussed on the phone. Write down the date, the name of the caller and the outcome of the call. While wiretapping is not highly encouraged, some experts suggest that you should be ready to record calls, especially if someone is persistently aggressive or threatening you.
Reschedule calls
Before repeated phone calls drive you to the edge, ask the collector to call at a time convenient to you. But don't forget that the caller has a job with specific working hours and targets to meet.
Say no more
Don't reveal too much information. Limit any conversation or correspondence to the facts related to your debt. You will be surprised by the amount of information that a debt collector can discover about you because of an innocent comment.
— Tips courtesy of ISDM Consultancy; Steve Gregory, Holborn Assets
