Junk debt buyers–what are they and how do you deal with them? These companies make a business of purchasing delinquent debts. Then they try to collect on the debts for their own profit. Although these companies may claim to have ethical practices and say they only want to collect legally due debts, keep in mind, your debts keep them in businesses. Some less than ethical collection companies will try to get as much money, ethically or otherwise, as possible. In order to avoid their mercenary tactics, arm yourself with a few tips and tactics of your own before going to battle against junk debt companies.
In order to avoid paying more than you have to, keep in mind the goal of junk debt buyers. They want your money and are trained in the tactics needed to get it. Begging for leniency likely won’t get you anywhere. Deal with them as a businessman. Approach them professionally. Check out the legality of their practices and refuse to undergo any illegal treatment. Be firm.
One way to make sure you are treated ethically is to look into the fees the junk debt buyer demands. Although you likely will have to pay for your initial debt, these companies often add on unnecessary charges. Get educated about different laws, including the statute of limitation in your area. Don’t get pushed around due to ignorance.
When dealing with debt buyers, you first should make sure your debt is valid. Sometimes these companies fabricate debts in order to get more money. Don’t agree to anything or even listen to their demands before you get a debt validation. Then, even if they can prove the validity of your debt, don’t think you need to concede to all their requests. Only pay as much as you have to. Don’t stop fighting.
Get legal help and work on negotiating a settlement. Don’t give into demands for immediate payment. Debt buyers make a large profit on the debts they buy. They may still make that profit if you pay less than they initially ask for and are often willing to compromise. Fight for a settlement. Also, after the settlement is drawn up, have a lawyer read it. Make sure the debt company still treats you ethically.
Overall, the most important thing is to stay on top of everything with the junk debt buyers you’re dealing with. Make sure to keep track of all their tactics. Research everything for its legality or validity before agreeing. Stay proactive. You may find that coming to an ethical and fair agreement is easier than you thought.
For more details about junk debt buyers visit this junk debt website. If NCO Financial is after you, then go here: NCO Financial Systems.. Check here for free reprint license: Keeping Your Money Safe from Junk Debt Buyers.
categories: debt,nco financial,bad debt,junk debt,buy debt,credit cards
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MLA Style Citation:
Gragtmans, Greg "Keeping Your Money Safe from Junk Debt Buyers." Keeping Your Money Safe from Junk Debt Buyers. 23 Jun. 2010. uberarticles.com. 27 Jul 2014 <http://uberarticles.com/finance/protecting-yourself-from-junk-debt-buyers/>.
APA Style Citation:
Gragtmans, G (2010, June 23). Keeping Your Money Safe from Junk Debt Buyers. Retrieved July 27, 2014, from http://uberarticles.com/finance/protecting-yourself-from-junk-debt-buyers/
Chicago Style Citation:
Gragtmans, Greg "Keeping Your Money Safe from Junk Debt Buyers" uberarticles.com. http://uberarticles.com/finance/protecting-yourself-from-junk-debt-buyers/
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