How to Answer Debt Collectors

When you miss a debt payment, a representative from your creditor or collection agency might call you to try to persuade you to bring your account current. Receiving a call from a creditor or debt collector can be a stressful experience; however, handling a collection call correctly is essential for minimizing confrontation and resolving your delinquency. Simple strategies can help take the stress out of dealing with collection calls, and may make the collector more willing to work with you.

Instructions

1

Ask the caller to identify himself and the company he represents. This helps ensure that you are dealing with a legitimate debt collector instead of a telemarketer or scammer. If the caller refuses to give you his name or information about the company he represents, do not give him any information.

2

Compare the amount that the collector claims you owe against your statement from your creditor to make sure the amounts match. If there is a discrepancy, ask the collector to explain why there is a difference.

3

Provide honest information about your financial situation. Even if your current finances are less than ideal, the collector will be more willing to work with you if you accurately disclose your income and financial obligations. This can reduce the collector's expectation to collect more money than you can afford to pay, and keep you from making a payment commitment that you cannot honor.

4

Ask the collector to list the options available for repayment of your debt. The collector's job is to compel you to pay your past-due balance as quickly as possible; however, if you do not have the funds immediately available, the collector may offer to break up the past-due amount over several months or accept a post-dated electronic check to give you more time to come up with the necessary funds.

5

Offer possible repayment solutions if the creditor does not suggest a solution you can afford. Suggesting a solution helps the collector understand your willingness to bring your account current, and may allow you to reach a repayment agreement with the collector without straining your finances.

6

Ask the collector to recap the terms of your repayment agreement at the end of the call. This can prevent misunderstandings that can create conflict between you and your creditor later.