Drug testing

Tips To Take Control Of Debt Collection

Yes, debt collection tips can help. You may think you have no power when the debt collector comes calling, but think again! Creditors don't like losing out on the ability to collect money owed them. And most creditors will take steps to settle an unsecured debt to collect some money as opposed to no money.

Tip 1 - Keep Communications Open

Once you have your Money Management Plan on paper, you will be able to professionally respond to requests for payment from creditors and debt collection agencies. They may ask you, or you can offer, to send them a copy of your Money Management Plan. This opens the communication between you, and they may even be able to offer suggestions to improve your plan. Keep in mind, however, they will offer suggestions based upon their best interests, you need to negotiate based upon what's best for you!

Tip 2 - Know Your Credit Report

Obtaining a copy of your online credit report, and learning how to use it in debt management, can help you when it comes to negotiating with your creditors.

Tip 3 - Negotiating With Creditors

You can request a monthly payment reduction, either a temporary extension, or permanent reduction. Keep in mind, this method can involve adding years to your payment plan, as well as some type of "deferral fee" charged by the creditor.

Ask if the interest rate, principal balance, or monthly payments can be reduced to permit you to continue to pay the debt on time. Ask for principal reduction first, then interest reduction. If these are not agreeable, then request monthly payment reduction.

If you ask for all 3, the creditor will take the one best for them first, which is monthly payment reduction, and you end up paying too much interest. Lower payments, without the other two will only mean you are adding years and years to the payoff time. No bargain there.

If you have access to some money to make a large payment on a debt, you may want to consider debt settlement on some or all of your debts.

On secured debts, you risk losing the asset if you don't keep your payments current. This includes your home, car, etc. These are priority debts to you, as well as priority debts if you decide to file bankruptcy.

Tip 4 - Do What's Best For You

Whether you are speaking with creditors directly, or to debt collection agency representatives, remember, be honest, and don't commit to payments you cannot make.

Tip 5 - Know Your Rights

The Fair Debt Collection Practice Act sets out exactly what creditors can, and cannot do, when talking with your about your debt. Don't be afraid, be informed!

http://www.debtsteps.com/fair-debt-collection-practice-act.html

Remember, being courteous and honest with creditors and debt collectors will go a long way in helping you to cope. No lies to remember, no self-induced stress, just honest communication to achieve your goals.

Debs is the editor of http://www.DebtSteps.com where you can get the answers you need about debt relief, consolidation, credit counseling and more. Subscribe to the free newsletter and discussion list at http://www.debtsteps.com/debt-help.html and get free money management worksheets in pdf and spreadsheet format. Get more information to get out of debt:

Compare the pros and cons of debt consolidation loans, service companies, and credit counseling. http://www.debtsteps.com/consolidate-debts.ht ml

Understanding how your credit score can affect your debt relief choice http://www.debtsteps.com/credit-score.html

Free Money Management Tutorials http://www.debtsteps.com/money-management.html

limousine chicago service
In The News:

The New Bankruptcy Law -- How Will It Affect Debt Negotiation?

In April 2005, Congress made sweeping changes in U.S. bankruptcy... Read More

Is It Possible to Be Sued For My Debts?

It is possible for creditors and third-party collection agencies to... Read More

Currency Trading Fee Concept

Troubles with Global Economy; Do you see future problems with... Read More

Learn The 15 Debt Elimination Steps You Must Take Immediately!

What Everybody Needs To Know...Learn The Truth About Debt Elimination... Read More

Stop Debt Collectors

Can you stop debt collectors ? . . .You better... Read More

Learn How to Get out of Debt

Debt is becoming number one problem in the United States... Read More

A History of Money and Banking Secrets That Banks Dont Want Published

A History of Money and TradeTo start with a history... Read More

How To Avoid Medical Collections

With medical collections costing doctors millions upon millions of dollars... Read More

Bankruptcy - Your Fresh Start

Most American consumers are living too close to the edge.... Read More

Free Quick and Easy Money Saving Tips ? Part 2

Although many consumers would argue differently saving money doesn't have... Read More

UK Debt When Moving Abroad

The idea of moving abroad to escape debt seems to... Read More

Life After Debt ? Strategies for Dealing with Problem Debt

Honorably and ethically rid yourself of burdensome debts using the... Read More

Bankruptcy ? Bankruptcy Myths

Bankruptcy has long been a big question mark in the... Read More

Christian Debt Consolidation ? Feel Comfortable About Managing Your Debt

Many Christians feel uncomfortable with the notion of being in... Read More

Debt and Financial Optimism in the UK Continue

With ?1.3 trillion pounds worth of debt in the UK,... Read More

Is There A Way Out Of Your Debt Problems?

Do you have multiple debts? Do you have just one... Read More

What You Should Know About Bankruptcy

Filing bankruptcy is not only a last resort legal action;... Read More

Bankruptcy - The Easy Option?

Incredibly, since the changes in the bankruptcy law in April... Read More

Five Hot Tips To Get Out Of Debt Forever

The financial and psychological burden of being in debt causes... Read More

Debt and Your Dreams

You may not realize what that credit card bill is... Read More

Budgeting and Debt Management

Debt management (specifically unsecured) is the first step to taking... Read More

Is My Credit Card Debt A Problem?

For most Americans, credit card debt is a dangerous and... Read More

The First Step To Getting Out Of Debt: Make The Commitment!

These days, getting into debt is easy.Unfortunately, getting out of... Read More

Credit Card Debt Freedom is Possible

Credit card debt have you drowning financially? You're not alone.... Read More

How to Negotiate Debt Settlements

Knowing how to negotiate debt settlements is the key to... Read More

street lighting led led lights wholesalers Pete's produce ..