Biggest Mistakes You Should Avoid While Dealing With Debt Collectors
Biggest Mistakes You Should Avoid While Dealing With Debt Collectors
(1) Not using your right to check that the debt is yours. Somebody contacts you about a debt, and says that you owe him. Why would you trust him? How do you know that he did not mix up names? You can validate the debt in writing within 30 days of being notified. The collector has to hold off on contacting you until it sends you a written clarification of the debt in question. Do not be coerced into paying a debt you don’t owe, because if you do – it is an admission of guilt, and it will have a very negative impact on your credit score. For more information visit http://www.101creditrepair.com
(2) Sending money to a debt collector when you have no paperwork what you owe, how they arrived at that figure. While sending a request for validation to a collector – you should ask them to provide the details.
(3) Giving a debt collector your banking or credit card information. If you tell a collector to take $50 per month out of your account – don’t be surprised when he takes all the money from your account. And you will have very hard time to revert this, because the collector is going to say you gave your permission.
(4) Signing an agreement or legal document without understanding your rights and obligations. Don’t do it, even if you are threatened. If you do not have money to consult an attorney, ask your friend. Do not act while you are in fear. You always have at least one day to think things through.
(5) Not showing up in court, or answering a court suit, when served. If you don’t show up – the collector wins by default. Even if the debt was not legal – it becomes legal because you didn’t show up. The judgment goes on your credit report for 7 years. The debt will now continue to accrue interest and follow you for many years (the statue of limitations on original debt is 4-6 years, but on the judgment – 12-20 years !!). Many bottom-feeder attorneys never show up in court. All they do is file judgments against many people. They make money because certain percentage of those people don’t show up – thus attorney wins by default.
For more information visit http://www.101creditrepair.com
Duration : 0:6:15
January, 21st 2010 at 4:44 pm
Very helpful, …
Very helpful, Thanks.
January, 21st 2010 at 4:44 pm
THANK YOU
THANK YOU
January, 21st 2010 at 4:44 pm
Interesting, …
Interesting, helpful!
January, 21st 2010 at 4:44 pm
Great Information …
Great Information and very imformative!
January, 21st 2010 at 4:44 pm
Very informative. …
Very informative. Clear style to present information which is difficult to obtain otherwise
January, 21st 2010 at 4:44 pm
Thanks! Anyone …
Thanks! Anyone who’s got to deal with debt collectors will be better off knowing these things upfront.
January, 21st 2010 at 4:44 pm
Excellent content
Excellent content
January, 21st 2010 at 4:44 pm
Invaluable!
Invaluable!
January, 21st 2010 at 4:44 pm
This is good to …
This is good to know as I was trying to avoid debt collectors for a while. I will try the advice from this video now.
January, 21st 2010 at 4:44 pm
This is a really …
This is a really great information.Thanks!
January, 21st 2010 at 4:44 pm
Great content !
Great content !
January, 21st 2010 at 4:44 pm
Very informative
Very informative
January, 21st 2010 at 4:44 pm
I wish I knew this …
I wish I knew this before.
January, 21st 2010 at 4:44 pm
This is really a …
This is really a must-to-know info.
Thank you
January, 21st 2010 at 4:44 pm
The videos are …
The videos are terrific source of information
January, 21st 2010 at 4:44 pm
Interesting point
Interesting point
January, 21st 2010 at 4:44 pm
Super! Thank you so …
Super! Thank you so much
January, 21st 2010 at 4:44 pm
Debt collectors …
Debt collectors can’t take money from your account unless there is a court order – or your explicit permission.
January, 21st 2010 at 4:44 pm
Great Information. …
Great Information. Thank you.
January, 21st 2010 at 4:44 pm
Good stuff. Having …
Good stuff. Having to pay my debt TWICE with interest is definitely something that I do NOT want to do.
January, 21st 2010 at 4:44 pm
I never thought …
I never thought that you actually had to negotiate before paying the debt to have a good score. I thought that you just paid the debt. Very good advice!
Can debt collectors really just take the money from your account?
January, 21st 2010 at 4:44 pm
Good hard hitting …
Good hard hitting content — very helpful
January, 21st 2010 at 4:44 pm
Refreshing. No …
Refreshing. No promotion, no bs, strictly facts.