5 Questions NOT To Answer When A Debt Collector Calls

By: Tony Anderson

Debt collectors use a range of tactics to get you to open up about private information. You may be surprised as the questions you do NOT have to answer!

Do you know what you are legally bound to tell them, and what you aren't? Are you giving away too much information that will only make it easier for them to manipulate you?

Protect yourself! Know your rights, and know when they cross the line. Be aware of these 6 common debt collection questions that you do NOT have to answer.

* Are you paid weekly or bi-weekly?

It's none of their business. How and when you are paid is private. The collection agency may want this information to help set up a payment plan. If you want to work with them on this, of course you can. Just never let them pressure you into giving this information if you'd rather keep that private.

* How much is your take-home pay?

Once again, the collection agent may be trying to be helpful in setting up a repayment plan. Keep in mind, he'll want you to commit to a repayment plan for his debt, regardless of the other debts you have.

While your take-home pay might be more than sufficient to handle this payment, keep in mind your other debts. Don't give away the farm.

* Is your spouse working?

If so, your spouse's pay might be taken into account in setting up a payment plan. You can avoid this by simply not answer that question. It's your money; YOU decide how you want to use it.

* Do you have other sources of income?

Collections agents will try to uncover any and all sources of income. You do not have to give them this information. In fact, it's usually best if you don't disclose child support and other household maintenance payments. This money is earmarked for the care of your family, not to pay off your old debts.

* Where do you bank?

Many bill collectors will want to set up automatic payments through your bank. Avoid this route, as it's often extremely difficult to cancel these automatic payments once they are in place. Think very carefully about what kind of plan you agree to, and be sure it's something you can afford.

Better yet, turn the tables and ask THEM some key questions. Congress has mandated some safeguards for consumers, and collection agencies are well aware that they need to abide by them. Learn the facts about collection calls, and a stop to the harassment.

Article Source: http://www.myhotarticles.com

Are you being harassed by creditor phone calls? Learn the facts and protect your peace of mind! Tony Anderson offers a highly effective tool to stop the collection calls. Get back in control of your phone...and your life. Learn the facts at www.ProtectionLetter.com.

Please Rate this Article

Not yet Rated

Additional Articles From - Home | Finance | Personal Finance

How to Live on a Limited Income - By : Ki Gray
Good Debt Management Advice Is Crucial - By : Jans Teyson
No Contest Clauses in Wills - Recent California Legislation Makes Changes (Part I) - By : Kevin Von Tungeln
Methods To Calculate The Credit Card Charges - By : Charles Bretz
Easy Ways To Save Money At Home - By : Matt Chang
What Is Secured Credit Card? - By : Charles Bretz
Prepaid Cards Are A Safe Alternative - By : Charles Bretz
Criteria For Obtaining The Student Credit Card - By : Charles Bretz
Important Information About Unsecured Credit Cards - By : Charles Bretz
Budgeting 101: A Beginner's Guide - By : Ki Gray

First Visit?
For a FREE Account
Please Join Here
Learn More Here.

Featured Website:
Baby Names
Article Directory
Wooden Sheds
Make Money Online
Free Wallpapers
Article Directories:
ArticleWide.com
BizHelp.info

Members Area:
Submit Articles
Members Login
Article Promotion Benefits

USEFUL RESOURCES

Webmaster/Ezine Tools:
Top Authors
Most Popular Articles
Submission Guidelines
Ezine Notifications
Article RSS Feeds
Blog
About Us
Link to Us
Contact Us
Privacy Policy
Terms of Service
Article Directory List