How Do You Negotiate With Debt Collectors?
Debt collectors can be persistent. And in some instances, they use tactics that border on harassment. The best way to get debt collectors off your back is to repay the loan. But if you can’t repay the loan balance, there are ways to negotiate with debt collectors and stop phone calls and letters. Communication is the key. Rather than ignore their calls and correspondences, contact your creditors or debt collection agencies and attempt to negotiate a deal. Ask the debt collector to provide proof that you owe the debt. Oftentimes, creditors will write off a debt, and then hire a debt collection agency to collect an old debt. There is a statue of limitation for old debts. Once an old debt is beyond the limitation for your state, creditors cannot sue you for the money. If you believe a creditor is attempting to collect an old debt, ask them to provide proof of the debt. By law, they have to respond within 30 days. If they’re unable to provide proof, they have to stop all collection attempt
