You Will Always WIN if You Know How the Game Is Played.
There’s a lot of folks out there who give a lot of advice about debt collection, communicating with debt collectors, and much of this advice is pretty poor. Debt collectors are not your enemy, they’re just somebody else trying to get their job done just like you get yours job done. If you know how the game works and you know what each of the players are after it’ll be much easier to win with these guys and that’s what this episode is about.
I have got another episode that is specific to negotiation called Three Steps for Dealing with Collection Agencies and getting collections deleted from your report, go check that one out if you’d like some negotiation techniques.
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The Timing
If you are unable to pay your credit cards on time you are going to start getting collection calls and written demands for payment . Sometimes you may not even recognize the name of the company that sends you such a demand. What makes it more confusing is that often times more than one company might contact you to say that there collecting a debt on the same credit card. In the worst case scenario you might even get sued by some company that you don’t even recognize.
Let me first explain the life cycle of a delinquent credit card debt or for that matter a delinquent medical debt as well, they both tend to go the same direction. First off the longer that goes without you paying it the more likely it is that it’s going to change hands from one debt collector to another. Usually it will start with the actual original debtor trying to perform collection from you. That can go from anywhere from 30 days to 90 days typically.
