Getting a call from a debt collector is not a fun thing. It is a real headache because you have no way to pay the debt and the options that the debt collectors offer is on the bare minimum.
Some debt collectors think that when they use scare tactics, threats, and abusive language, it will scare you to pay off the debt. However, this breeds unnecessary tension and makes the situation direr. Knowledge is a superpower when dealing with debt recovery agents in any form or shape.
1. Familiarize Yourself with the Credit Reporting Act
If necessary, Google this report and print it because you have rights even if you have defaulted paying a loan. Debt collectors have all rights to collect the debts that you owe legitimately but there are restrictions and rules when it comes to debt collection. You will get all this information in the debt collection act of Malaysia.
Never tolerate abusive language because it is not legal because the act prohibits such conduct. Debt collectors are also prohibited from harassing their customers. If harassed, keep a log and file the complaints with the relevant commission. Make sure you fill in all the relevant details when filing a complaint against a debt collector.
2. Use Your Terms and Not Theirs
Go through your expenses and income with a fine-tooth comb to figure out an affordable instalment and agree to pay what is a realistic amount. There is no need for payment plans because as the time the debt gets to the private detective, it is at the last stage of being written off.
If you agree on a payment plan, let it be the one that allows you to pay more. However, avoid a payment plan as much as you can. Visit our website to learn more!
3. Zombie Debts are Still Existent
Zombie debts are old debts that will not just die. Collection accounts are resold every time and you can get a phone call regarding a debt that you no longer owe or is outside the statute of limitations. The former is legal but the latter is not. Debt collectors will still try to get you to pay the debt and you should not do so right away.
Before you acknowledge that the debt exists, let the private investigator Brisbane Coast validate it. Don’t just accept old debts over the phone and begin to repay them. It is you to protect yourself against the zombie debts and you should check whether the debt is latched on your credit report. If not, you need to dispute such debt with the credit bureaus. Gather all the necessary details to help you fight the debt and get it out of your credit report.
4. Be Aware of Scammers
The debt recovery agent should identify himself with the name, street address, company, telephone numbers, and a professional license number. Some websites can also help you to spot scammers. The law allows you to verify whether you are dealing with a real debt collector.
5. Don’t Pay for the Trap of “Just Pay Something”
When you pay something, you will be back to restarting the clock because it appears on the credit report depending on how often you pay the debt. If you file a dispute, the debt collection services Brisbane team has to investigate the debt within a certain time frame. The company should cease contact until they verify that you really owe the organization the amount.
Lastly, it is important to note that so many calls are illegal. The private investigator from Complete Corp Australia should not call you too late in the evening or so early in the morning.
Besides, the collection team cannot just inflate your debt the way they want. You should only pay the amount that is stipulated in the contract. These tips will make sure that the debt collector will not take advantage of your situation.