Former Collectors Advise What to Say When Medical Debt Collectors Call
What Happens if You Ignore a Debt Collector?
One of the most intimidating experiences for someone who owes a debt is receiving a call from a debt collector. For many, the thought of having to confront a debt collector is overwhelming and they may be tempted to ignore the phone calls and letters. However, it is important to understand the potential consequences of ignoring a debt collector.
When a debt collector calls, they are legally obligated to provide certain information. This includes their name, the name of the company they represent, and the amount of money they are trying to collect. It is important to confirm the information they provide is accurate. Debt collectors may also be required to provide written notice of the debt in the form of a “validation notice” within five days of their initial contact. This notice should include the amount of the debt, the name of the creditor, and instructions for disputing the debt.
If you ignore a debt collector, they will likely continue to contact you in an effort to collect the debt. This could take the form of additional phone calls, letters, or emails. In some cases, debt collectors may even show up at your door or place of employment. If the debt collector believes you have the means to pay the debt, they may even take legal action against you in order to collect what is owed. This could lead to a court appearance, wage garnishment, or even a judgment against you.
It is important to note that ignoring a debt collector does not make the debt disappear. In fact, the debt may continue to accrue interest and incur late fees. This could make the debt even more difficult to pay off. Additionally, the debt may remain on your credit report for up to seven years, making it more difficult to obtain credit in the future.
If you are unable to pay the debt, there are a few options available. The first is to negotiate with the debt collector. This could involve making a payment plan or offering a one-time lump sum payment. It is important to note that any agreement should be in writing and signed by both parties.
Another option is to seek help from a credit counseling service. These services provide free or low-cost advice and resources to help you manage your debt. They can also help you develop a payment plan or negotiate with creditors.
Finally, you may be eligible for debt relief programs. These programs are designed to help people who are struggling to pay their debts. Depending on your financial situation, you may be eligible for debt consolidation, debt settlement, or even bankruptcy.
• Ignoring a debt collector will not make the debt disappear.
• Debt collectors may continue to contact you in an effort to collect the debt.
• Debt may remain on your credit report for up to seven years.
• Negotiating with the debt collector is one option to manage the debt.
• Credit counseling services can provide free or low-cost advice and resources.
• Debt relief programs may be available depending on your financial situation.
People Also Ask:
Q: What happens if I can’t pay a debt collector?
A: If you are unable to pay a debt collector, you may be able to negotiate a payment plan or seek help from a credit counseling service. You may also be eligible for debt relief programs depending on your financial situation.
Q: Can debt collectors sue you?
A: If a debt collector believes you have the means to pay the debt, they may take legal action against you in order to collect what is owed. This could lead to a court appearance, wage garnishment, or even a judgment against you.
Q: Are debt collectors allowed to call me?
A: Debt collectors are allowed to call you in order to collect a debt. However, they must provide certain information, including their name, the name of the company they represent, and the amount of money they are trying to collect. They are also required to provide written notice of the debt within five days of their initial contact.
What happens if you ignore a debt collector? – How to Choose
Are you in a confusing medical debt situation? Authors of “End Medical Debt,” and co-founders of the nonprofit RIP Medical Debt, Jerry Ashton and Craig Antico share what people can do to protect themselves from collectors. The Doctors weigh in on this confusing system.
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