As soon as your debts start to get out of hand, you can expect that collection calls will happen. These calls are made by creditors at the beginning and if they are unsuccessful, they will pass you to a third party collections company. The goal of these calls is to persuade the debtor to pay off what they owe without any decrease in the amount of their current balance.
These are usually phone calls made by agents who are trained to be aggressive, persuasive and if needed, intimidating and threatening. While the FDCPA or Fair Debt Collection Practices Act warn against aggressive, harassing and threatening calls, a lot of collections usually go beyond allowed practices.
All of this can bring so much stress to the debtor. Instead of being able to focus on growing their debt payment fund, they are subjected to calls that discourage, frighten and intimidate them. We all know how stress can be strong enough to paralyze anyone from being productive. Because of that, it is expected that anyone who wishes to get out of debt would want to have this removed from the whole experience.
So how can you get rid of these calls so you are free to concentrate on paying off what you owe? One of the effective ways is to enrol in a debt management program.
Of course, paying off what you owe the traditional way will stop the calls from happening. But if it started in the first place, that signifies a time when you were in such a financial crisis that you were unable to pay off your usual dues. If this is the case, you may want to try your luck by hiring a professional to help you with debt relief.
Debt management starts with credit counseling. A credit or debt counselor will be assigned to you and you will discuss your current finances to find the amount that you can afford to pay every month. This will be your debt management plan. You will follow this plan so your road towards debt freedom is consistent. This plan will be used by the counselor to negotiate and coordinate with your creditors.
As soon as you enrol in debt management, the counselor will notify your creditors that you have chosen to work with them on your debts. This is an effective way for the creditors to stop calling you. Knowing that you are working with a debt management company, they are assured that you have a plan in place and that you have every intention of paying back what you owe.
Apart from helping you create your payment plan, the counselor will also take over all communications with the creditor on your behalf. You will no longer receive calls and you can spend peaceful days working hard to have the income to pay off your credit obligations.
Debt settlement is also an option that involves the help of a professional. They will take over the calls too – just like what debt counselors do. However, the method of debt settlement is different from debt management because you will be defaulting on payments. That will seriously damage your credit score. If that is an important concern to you, then stick to debt management and you should be just fine.