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How to get into the head of a debt collector

Illinois residents who are suffering under a mountain of debt, and especially those who are being harassed by debt collectors, will want to do everything they can to eliminate their debt fast. Fortunately, in some cases, people who are being hounded by debt collectors may be able to negotiate with the debt collector to reduce the amount they owe and get a discount.

However, in order to successfully negotiate like this, you need to get inside the head of your debt collector, know his or her motivations and understand how they tick. Here are some important points to keep in mind in this regard:

  • Debt collectors are not always honest. Sometimes, they will invent debts out of thin are that don't have anything to do with you. Sometimes, they will scare you by insinuating that you could go to jail or that other imaginary consequences will happen. Don't fall for these scare tactics and don't let debt collectors try to collect on imaginary debts.
  • The debt collector will always want to make as much money from your debts as possible.
  • Your debt collector might have the ability to charge you various fees. Be sure to understand what fees the agency may or may not charge.
  • Debt collectors can only seize your property, garnish your wages or take money out of your bank account if they sue you and get a court judgment that gives them permission to do this.

The debt collector doesn't actually want to harass you. Once you pay off your debts, you will stop getting phone calls and letters immediately, and this is the ultimate goal of your debt collector. As such, you may want to talk rationally with debt collector about how you can make this happen. However, if there's nothing you can do to pay off your debs, and you want another solution, the bankruptcy process -- if you can qualify -- could be a way to stop the harassment once and for all.

Source: The Balance, "9 Tips to Successfully Negotiate With Debt Collectors," LaToya Irby, accessed Feb. 23, 2018

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