Debts do not tolerate delays. If you delayed the repayment of the loan and interest on it, collectors can be connected to the case, who will urge you to pay the bills. Find out how to communicate with them. The collector is a specialist in the return of overdue debts. Lenders attract collectors if you do not return the debt or do not make mandatory payments on time. Sometimes, the collector acts simply as an agent on behalf of the lender, strongly reminding you to return the loan. And sometimes, a collector can outbid your debt - and then, try to collect arrears already in his/her favor.
You should not be afraid of legal collectors. They do not intimidate the debtor to repay the loan at any cost, but merely describe possible prospects and together with you are looking for a way to resolve the issue of debts. Check a few rules to communicate with the collectors.
Agree with the Lender Directly Not to Get Acquainted with the Collector
Of course, anything can happen. Due to late salary, illness, or simply forgetfulness, you can skip the loan payment period. If you understand that for objective reasons you will not be able to repay the debt on time, contact your creditor. Ideally, in advance, before delaying payment and thus ruining your credit history. You can, for example, ask for a deferment or restructure a loan — change the time and amount of payments. The bank, of course, is not obliged to do this, but it can meet you halfway.
If you are still late with payment and you are already called by representatives of a bank, microfinance organization or consumer credit cooperative to find out the reason for the delay and warn you about penalties, honestly explain your situation. Do not be afraid to resolve issues directly - it is more profitable for you and the lender to figure out without the involvement of specially trained people.
Check the Collector in the State Registry
A lender can attract only one collection agency. If a collector calls you, and the official letter has not yet arrived, first check to see if it is a scammer. Under the law, only a representative of a collection agency that is included in the state register can communicate with you about overdue debts. But you can also refuse to communicate with him until you receive an official notification.
Learn How Collectors Work
The main rule: collectors cannot be annoying and even more so to cause you any harm. If you feel excessive pressure - this is a clear sign that the collector goes too far. The collector must state his name and the name of the creditor he represents. Messages must contain the name of the creditor and the name of the collector, contact phone number and a reminder of overdue debt - without specifying its size and structure. Communication with your relatives or third parties is possible only if you gave your written consent to this (you could sign it when you took out a loan), and your relatives did not express disagreement. If the collector has violated these rules and by his actions caused you or your loved ones losses, their agency will be fined.