Dealing With Debt Collectors - 5 Steps To Protect Yourself
Zombie debt can come back to haunt you when you least expect it. Zombie debts are simply the debts that creditors write of as bad credit, and then sell to collection agencies. Past debts that you owe, debt included in bankruptcy, and even debt that you might never have had are all forms of zombie debt. If you are ever contacted by one of these companies there are a few things that you can do.
You will likely find that by this stage you are dealing with a collection agency that has purchased the debt from your original creditor, and they will settle for anything over what they paid for it, but preferably the full amount you owe. If you are still being contacted by your original creditor they might accept a fairly low offer - anything down to 20% of your debt. That's because they will eventually write you off and sell the debt as part of a bundle to a Debt Collection Software agency, and they might offer you at least what they would have received from the collection agency.
If you ignore the pay notices, you will certainly get Collection Software calls that seem to go on forever. At the same time, you will also be prevented from using your card by the bank who issued it.
If you've been receiving debt collector calls, you may not know what to do or where to turn. If that's the case, you're not alone. Here are five tips to help you survive the experience.
NOTE: If the agency sells your note to another agency be prepared to fight again...I had to deal with this once and it was a pain! Stick it out though and you will be rewarded.
Lenders see to it that your needs are met even if you faced a CCJ (county court judgment). It is a debt claim by Creditors or Lenders against you. This affects your credit ratings. But as we know these lenders do not consider the previous loan tracks as criteria in the loan approval process. You can still approach the money lending companies on the internet to have your needs financed.
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