Never Speak to Debt Collectors Over the Phone

Never Speak to Debt Collectors Over the Phone

Again! Never speak to debt collectors over the phone. Your rights are never served over the phone. If a collector calls you, tell them to send it to you in writing and hang up. Unless your account is still open with the “bank”, most collectors are third parties. 99% of the time these collectors do not represent the original creditor… “the bank”.  Don’t be duped.

What are third party debt collectors?

Third party debt collectors are debt buyers. After a bank writes off an alleged debt, it is sold off to the collection industry for pennies on the dollar. Sometimes even less that a penny on the dollar. The the third party debt collectors begins to call and/or harass he consumer to pay the full entire amount. Does that sound fair? For example, if they purchased an alleged $10,000 bad debt, they may have only paid several hundred dollars on that purchase.

You can negotiate with them if you want by writing, or you can demand validation. Its up to you…  Frankly its a good idea to make them validate the alleged debt.  99 times out of 100 they cannot.

For more information and how to stop the nefarious collectors, you’ll want to download a copy of  “Stop Third Party Debt Collectors In Their Tracks”.  Or visit our DIY page.  You’ll need a good “stop debt collection letter” and there are several with directions that you’ll need.