5 Tips for Dealing with Debt Collectors

5 Tips for Dealing with Debt Collectors

1. Debt collectors are not allowed to call before 8 a.m. or after 9 p.m. They must also stop all calls when requested by Certified Mail.

2. Most credit card accounts have a one-time settlement rate that’s preapproved by the debt collector. It is typically between 15% to 35% of the total credit card debt owed.

3. Don’t ask for a manager. They will not help. Just call back and get another collection agent on the line.

4. Most voicemail messages left are just a recording from an actor they used. Do not fall for any tricks or feel emotionally compelled to call back.

5. When deciding to settle, they are trained to “take an application”. In a bored voice they ask for one's cell number, spouse’s work phone and so on. But it’s not a form, it's a way to get the info they need to find a person in case any settlement falls through.

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