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HOW TO STOP CREDITORS "COLD" FROM HARASSING YOU!
By Muyi Shogbuyi
A creditor calls you and say, "Hello, is this (your name)?"
You answer "Yes" and the caller continues. "This is Company XYZ and we are calling in regards to the balance in your account of $475 (or whatever amount). We need to settle this payment today, and we can take a credit card or a check by phone. Which one would you like to use?"
Your heart begins to palpitate and you start to regret picking up the phone. You mutter something like, "Ahem, I don't have any money now..."
But the caller counters with, "This account has been outstanding for "X" amount of time, and we have the right to take legal action against you, in order to receive payment..."
NO MORE!
Your creditor or any debt collector knows it is against the law to use any kind of threat or harassment in the process of demanding payment. Because most people are not aware of this law or don't know how to use it to their advantage, some creditors or debt collectors have gotten away with illegal debt collection practices. Do not allow yourself to be intimidated.
Threatening phone calls or letters to your home or job are against your rights and the law. The Fair Debt Collection Practices Act states: "A debt collector may not engage in any conduct of which is to harass, oppress, or abuse any person in connection with the collection of debt."
Knowing this law and stating it to your threatening caller is a sure weapon you can use.
However, this does not mean you can stop paying your bills. But if a debt collector threatens or harasses you in any way while demanding payment, you can stop them in their tracks. The best approach is to put it in writing.
Send a letter to the creditor or debt collector stating the date and time of call. Include your name, address, account number, and other relevant information to identify you. Refer to the threatening phone call and quote the law prohibiting the tactics used by the caller. Add that you do not want to be contacted again by phone at home or work. Ask to be contacted by mail only.
Send this letter by certified mail and keep a copy for yourself. Once this is done, they should not bother you again. And if they do, which I doubt, you have the option to take legal action.
You now have in your hands, the secret to stopping those threatening phone calls or letters from any debt collector in an attempt to collect a debt you owe them. Use it to your advantage so you can sleep well.
Muyi Shogbuyi is an author and educator with 20 years of experience as a financial advisor. His concepts are simple to follow. You CAN BE financially free! You may contact him at:
Muyi Shogbuyi MAS Enterprises 4753 N. Broadway, Suite 618A Chicago, IL 60640
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