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4 Things You Can Do When Your Account Goes to Collection

Maria James by Maria James
April 8, 2022
in Business
0
Home Business

Getting a phone call from a collection agency in Houston TX can anyway make you nervous. Getting notified by the collectors for a debt is not a very positive thing for any business. As long as your creditor is contacting you about your debt, you can deal with the cordial relationship you have with them. But when it comes to dealing with debt collectors, it becomes a different ball game altogether.

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Why the Account Goes to Collection

Basically, this question means why your account will suddenly go to a collection agency when you already share a good relationship with your business associate. There can be various reasons for that.

  • Your creditor is thinking that you have already crossed the date for payment
  • The creditor is urgently recovering all the money people owe them from the market
  • You, the debtor, have changed your location without any prior notice
  • You, the debtor, are not responding to any phone calls or emails for payment

There can be practically, many reasons for your account to go to the collection. Now, you need to know what you should do when this happens. Take a look at the following points to know more.

Don’t Ignore the Debt

While the debt collectors are constantly asking you to pay your debt, it feels tempting to not open the emails or rip off the letters of intimation. But this doesn’t make the debt go away. To take control of the situation is to pay attention to it. Don’t ignore your debt. You owe your creditors some money that you will have to pay. So, don’t ignore the fact. Now, talk to the people assigned for debt collection service. Find out ways of negotiations if possible. If you feel threatened or extorted, then you can claim your rights, thanks to the Fair Debt Act.

Deal with the Creditor

Once you are on the clear about the debt you need to pay for, talk to your creditor. Find out if you owe money to them or the collection agency. Often, if the debt remains unpaid for years, the creditor might sell the debt to the collection agency. That way, you can get onto your terms of negotiations.

Ask the Debt Collector to Stop Contacting You

Under federal law, the debtor can ask the debt collector to stop contacting them. However, you need to keep in mind that this doesn’t wipe away your debt. Or it won’t stop the creditor from filing litigation against you. You can ask them to contact you so that you can have some time to think of ways to make the payment.

Look for Negotiation

It might happen that you are genuinely caught in a situation where paying the debt fully is actually difficult for you. Maybe you are dealing with a tiff between business partners. Or the death of a board member has caused a huge loss in your business. Or an incident of arson has affected you financially. In any case, you can have a hard time to pay the debt. For that, you need to look for ways to negotiate the debt instead of just not paying at all. Talk to the commercial collection agency and explain your situation. Initiate the settlement so that they can come up with terms and conditions for you and your creditor.  And then break the payment into installments. And this time, follow the dates. Keep every detail of the negotiations saved in written format.

So, now as you know what you can do when your account goes to collection, follow these steps. Know your rights and limitations too.

 

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