Dealing with Collection Agencies
:: Debt Collection Agency, Why Debt Collectors Bother You

How often do get home, your phone rings and it is a debt collector on the line asking you to pay off your debt? Debt collection agencies are hired by the companies you owe money to. Their jobs is to collect the debt.

A Collection agency works in one of two ways:

Sometimes the creditor will forwards your debt to a collection agency and agrees to pay the collection agency a percentage of the amount collected.

Or...

The creditor will sells the rights to collect on your debt to the collection agency and the collection agency gets to keep whatever it collects from you.

When you decide to talk to a collection agency, you must remember that you are dealing with a professional debt collector.

Do not let the collection agency talk you into paying more than you are able to pay.

 

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Comments and Suggestions (3)

Carmen S. says...

If you want to know how to deal with a collection agency then you may want to read this.

A collection agency, aside from all the threatening phone calls and letters can't really do much more than that, threaten you.

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Cre says...

Third-party collection agencies work on commission.

Collection Agencies receive a percentage of the amount that they collect.

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Cre says...

Some creditors will actually use a separate company name, address, and phone number for their internal debt collection.

They do that in order to give you the impression that an outside collection agency is after you to collect the debt.

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