One of the reasons why it’s hard to get out of debt is because there are things that debt collectors don’t tell you or don’t what you to know. Knowing the Debt Collector secrets is a great advantage on your part. Which is why, in this article, we will tell you about the things you need to know about credit card debt consolidation and other secrets collectors don’t want you to know.
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There’s No Need For You Disclose Personal Information
You need to wary yourself of this. A lot of collectors require you to disclose certain personal information. However, they do not tell you that you have the option not to. This is not mandatory and there’s no law mandating it. If the collector insists on asking for such information, you can decline as you wish.
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Making Big Payments and Deadlines Are Not Required
This is one of the Debt Collector secrets that they don’t want you to know. As much as possible, collectors want you to make big early payments because they work on a commission basis. You cannot be required to pay a hefty sum of initial payment. You have the option to give just the minimum amount because, in the first place, there is no such requirement. Also, there is no deadline or prescribed timeframe for payment. They just don’t tell you this because they want you to pay them as soon as possible.
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Your Credit Is Already Damaged
Collectors don’t tell you this. Instead, they make exaggerated comments and threats regarding the consequences of your non-payment. These are just mere tactics to scare you to pay. Your credit is already damaged if your debt is in collection. This means that they cannot seize your possessions. In fact, they cannot make threats because it is illegal under FDCPA. This would give you an idea why it is important for people like you to know the Debt Collector secrets.
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There Are Instances Where They Can’t Sue
Collectors can’t sue you if your debt becomes older than the statute of limitations in your State. Usually, if it has already been seven years, all that went into collections will no longer show up on the credit report. Of course, credit collectors don’t tell you this because it will be their loss. They want you to believe otherwise. This is one of the Debt Collector secrets that you can use to your advantage.
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Garnishment Have Limits
Debt collectors don’t tell you this. They want you to believe that there are no limits as to how much can they garnish from your salary, pensions, social security and other sources of income. The law provides that there are legal limits to garnishment. You must be aware of this in order to protect your money. In fact, you can even file for an exemption from having your money withheld or from garnishment.
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Statute of Limitations Exist
This is one of the Debt Collector secrets that they don’t want you to know. The reason here is obvious. If there’s a Statute of Limitations, which is generally six to seven years, and once it runs out, the collectors can no longer go to court to get legal help. They can still collect the money you owe. But it will be harder on their part. Without a court judgment, they are on their own.
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You Are Not Obliged to Talk
You have the legal option not to talk to the collectors. You can simply send them a cease and desist letter. This does not however mean that they can no longer collect money from you. It just gives you the right not to be constantly bothered by them. But you must always check your mail for a possible summon if you still don’t pay.
The Debt Collector secrets mentioned above do not eliminate you’re debt. They are just mere guides. They are just reminders of your rights so you won’t be abused or take advantage of by the collectors. The best way to eliminate credit card debt is still up to you. And of course, with help from knowledgeable, skillful and experienced lawyers.