Getting Out of Debt Fast

Debt Collectors - Don't Get Bullied

Even the most responsible individuals can fall behind during difficult economic times. You need to know the following information if you have missed a few payments and feel like you are getting attacked by debt collectors.

You don't have to give debt collectors any personal information such as your place of employment, the name of your bank or your checking account number. If you have been contacted by a debt collector, remain calm and focused. Ask for written proof of the overdue claim.

Debt collectors can contact you by mail, telephone, in person, telegram or fax either at home or at work between the hours of 8:00 a.m. and 9:00 p.m. Debt collectors can also report your nonpayment to credit bureaus which would in turn ruin your credit rating. They can also take you to court and garnish your wages or place liens on any property you own.

It is illegal for debt collectors to threaten you with harm, to say that you'll be arrested or deported, or to use obscene language while trying to collect a debt. The debt collector can not threaten to take your property unless the collection agency can win a legal settlement in court.

Ask for proof of the debt from the collector. Sometimes the debt collector is working with old data and their records could be wrong. If you belief that the amount the debt collector is asking for, dispute the amount in writing. Each state also has a statute of limitations on collecting debts, usually this time period is from three to six years. Check with your state and see if the statute of limitations has run out on the debt in question. If it has, don't pay even a small amount of the expired debt because if you do, the statute of limitations clock starts all over from that date and you will be obligated to repay the debt in full. If a debt collector states or implies that you have to pay a debt where the statute of limitations has expired, they have broken law.

If you feel as if you have been treated unfairly or the debt collector has been abusive, you can file a complaint with the Federal Trade Commission or your state attorney general's office.