How to Cooperate with Debt Collectors Instead of Ignoring Them

If you're drowning in debt, it makes life much more difficult. You have trouble getting credit for the things you need, and you probably spend a lot of time trying to juggle your finances. And then there is the matter of debt collectors calling day in and day out.

Debtors often avoid answering the phone when debt collectors are calling. They don't want to be reminded of how much they owe and how far they are behind, because they simply don't have the means to pay their debt. But what they don't realize is that debt collectors are often willing to help them get back on track.

Debt collectors call you because they want to be paid, but it is for that same reason that they will work to make it easier for you to make your payments. Typically, creditors would rather assist individuals who owe them to pay than simply demand their money, since such assistance tends to produce better results for them. To that end, they may cancel late fees that have been incurred, bring interest rates down, or lower monthly payments.

Talking to Debt Collectors

When a debt collector calls, it's important to tell them about your circumstances. Whether you've had problems that were no fault of your own or just spent too much and got in over your head, letting them know that there is something keeping you from paying them is important. They will be much more willing to work with you that way.

Once you've explained yourself, they may offer assistance. Listen to what they have to say, and if it sounds doable, accept. If the debt collector does not offer a solution, ask if there is any way that your interest, payments, or fees can be lowered to put them within reach.

The person who calls you from a debt collection agency may not be authorized to make adjustments to your payment plan; if that is the case, simply ask to speak with their supervisor. When you speak with the supervisor, present him with your situation and explain how some changes in the details of your payment could aid you in paying back your debt.

What if they won't help?

Since some debt collectors simply refuse to work with you to make payments easier, you may need to contact other creditors you owe to see if they will help you. Your goal should be to get to a point where you are capable of paying all your monthly bills. Credit counselors have lots of useful experience dealing with debt collection agencies and can assist you if you don't have success adjusting your payments through direct communication with creditors.

Speaking with debt collectors is rarely enjoyable, but it can turn out to be good in the end. At the very least you should try to talk with them, since you could be pleasantly surprised with the help they offer you.