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Dealing With Creditor Calls
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Dealing With Creditor Calls

How to Stop Collection Calls

Are you dealing with creditor phone calls night and day and getting totally stressed out?

I am going to suggest some methods to dramatically reduce or even stop these calls. You need to know your rights and let the creditors know you know!

Here is what you need to do:

  • Each province has regulations regarding creditor collection practices. Look them up on the internet and read up on the rules governing creditor collection practices. Each province has rules regarding the time of day calls can be made, the days on which collection calls may be made (eg usually calls cannot not be made on public holidays), the allowable frequency of calls etc.
  • When a creditor calls ask him his name, the nane of the company, his licence number and advise that you are recording the phone call. Creditor collectors have hundreds of calls to make each day and will likely phone you less often if they sense that dealing with you may prove troublesome. Also if you have his name and licence number they are less likely to be rude to you.
  • Tell the creditors that you are not working and have no money. Ask them to sue you as you have no way of paying. Once a collection agent knows you have no money he will be less likely to call.
  • Ask your telephone service provider to block the creditor phone numbers
  • Send a letter to your creditors by registered mail advising that all future communication must be in writing. By law in Canada they must obey this instruction.
  • Tell the caller that they have the wrong number. It is against the law to pursue payment of a debt from someone who is not liable for the debt.
  • Change your phone number

Do NOT hold conversations with collection agents as some will use this as an opportunity to try and stress you out and force a payment.

Do NOT cash in savings and RSP`s to pay off debts until you have reviewed all your options. You need to be sure that you have a solution for ALL your debts as residual debt interest rates may pull you back into financial strife.

Do NOT give them information regarding your employment, income and family as they will use this information against you. Best policy is to say nothing.

There are options open to you to escape the stress of debt and allow you to get on with your life. Government debt forgiveness options very often allow the debts to be negotiated and paid off interest free.

Street Talk

Thank you for your ideas. People who work for collection agencies sometimes harrass the people who owe money and try to force these people to pay more than they can afford to pay. Your ideas are timely, even though I live in the U.S. and not in Canada.

  about 1 decade ago
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