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  Chapter 9
  If You're Having Money Problems
  Make a Simple Budget
  Paying Down Your Debts
  Contact Your Creditors
  Late Payments
  Re-Aging Your Accounts
  What Will Creditors Do?
  Collection Agencies
  Debt Collection Laws
  What Collectors Can't Say
  Things You Shouldn't Say
  Statute of Limitations
  Negotiating With Collectors
  Why Will a Creditor Settle?
  Negotiating Your Score
  Once You Have an Agreement
  Credit Counselors
  Avoiding Scammers
  Debt Consolidation
  Playing Hardball
  Conclusion
  Previous Chapter
  Next Chapter
  Contents

 

Things You Shouldn't Say

If you get calls from a collection agency, try to remain calm. And whatever you do, don’t give out any additional information about yourself. Specifically, don’t tell a collection agency:

  • where you work; or
  • the bank or banks where you have accounts.

This information only makes it easier for the collection agency to get a judgment against you in court.

If the collection agent asks where you work or asks about your bank point-blank, don’t engage in a legal debate. Simply reply, “No comment.”

You shouldn’t commit to paying a bill that you don’t have the money on hand to pay. Some collection agencies will try to get you to commit to a payment plan or make a postdated check payment over the phone. This may seem attractive, since it buys you time to pay; but, if you have doubts about the money, don’t agree. Bouncing a check to a collection agency creates a bigger claim.

Next: Statute of Limitations

 

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