All About Debts

DEBT COLLECTION TECHNIQUES -Giving the Debtor the Low-down
By Jim Finucan
© Tiare Publications

Debt Help Just as a debtor has an obligation to pay his debt to you, you also
have an obligation to him. You need to make the debtor aware of the
possible consequences of letting a bill get to the point where it
has been or might be turned over to a collection agency. Those
consequences include having a black mark placed on their credit
report. That could affect the debtor's credit report for the next
seven years. Not only do loan companies look with disfavor on people
with bad credit ratings, anyone checking the credit of a job
applicant would not be feeling positive about hiring that person.
Don't forget to mention this job aspect to the debtor, especially if
you're dealing with a college student.

Collecting an unsecured debt is usually more difficult than collecting a secured debt. The first step to the collections process is to try to collect the debt yourself through reminder invoices and demand letters. Should the debt remain unpaid you can then hire a collection agency. If the collection agency fails, your last option is to file a lawsuit against the debtor.

Counseling Debt Other fallout of letting a debt get out of hand is the chance that
legal action could be taken and a judgment issued and then used to
garnish the debtor's wages or his bank account. Note that you should
not bring this possibility up with the debtor unless your office
reserves the right to take legal action.

Consolidation Consumer Debt Never say anything to the debtor that you do not mean. If the
debtor says:

In addition, private collection agencies must operate within strict codes of conduct under the Fair Debt Collection Practices Act. The law limits, for example, when debt collectors can contact taxpayers (generally not before 8 a.m. or after 9 p.m.). Collectors also cannot use abusive tactics to pursue a debtor.

Debt Settlement "Don't call me at work anymore." (Remember this is a "cease.")

Debt Free "Why not"

[…] How Can It Help You There are Debt Management Companies that can play a role of third party to carry and explain problems from a debtor to the creditor. The Debt Management DMP explains debtor circumstances to creditors requesting them to stop further … […]

Consolidation Debt Service "Cruz I could lose my job!"

Company Consolidation Debt "Are you listening to me Harold? What are they going to say if
garnishment papers arrive with your name on them?"

Consolidation Debt Online Stay cool but include a touch of concern. Once you have informed the
debtor of what could happen you can talk about solutions. You can
become the "answer person" who is able to help the debtor out of his
financial troubles.

Consolidation Debt Free (End)

Debt Problem Let 15-year collections pro Jim Finucan show you how to double -
even triple - the amount of money you collect from your accounts
receivable. Check out his unique collections manual "Past Due" shows
you how to handle all their excuses. For more information visit:
http://www.tiare.com/pastdue.htm

Credit Debt

Advice Debt Let 15-year collections pro Jim Finucan show you how to double -
even triple - the amount of money you collect from your accounts
receivable. Check out his unique collections manual "Past Due" shows
you how to handle all their excuses. For more information visit:
http://www.tiare.com/pastdue.htm

Card Credit Debt Eliminate



Contact him at http://www.tiare.com

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