HANDLING COLLECTORS -1st Party-

******This section is for those who acutally want a resolution to get the debt resolved.******
********You will not find tips, tricks or tactics for avoidance or entrappment. ********

DEALING WITH THE ORIGINAL CREDITOR
DEFINED: Original creditor is the entity that intially gave you the line of credit, for the merchandise or service (1st party collections).

Realize, this is your best way to work out a resolution in order to aviod any further collection
activity. Usually, once it leaves the original creditor and goes to a third party, you find yourself
paying additional fees that you are legally responsible as per your contract. Also, most third party agencies or law firms are not as leineint as the original creditor. Another thing to consider, is that most of the time, if the original creditor sends you out, you may have permanetnly ruined your chance of ever being able to purchase anything on credit basis.


TIPS:
1)Research and find out the terms of your contract.

2)Honestly search out the best alternative to get this debt resolved

3)Don't bogg them down with your life story, they just want to get paid. So find out the best
arrangment you can get and match it with your finances

4)Do not over extend yourself. If they allow you to make an arrangment, especially the fact you are in default, make sure you can make the payment as agreed.

5)If you are dealing with someone you find to be unusally hostile or unreasonable, don't mimic thier behavior, ask to speak with a supervisor

6) Document all arrangmetns made

7) Keep copy of reciepts, bankstatments and letters confirming the arrangment.

8) Ask about all the consequences associated with the account while you are agreeing to pay this off. Why? Because, many people assume things like, they will not report negatively, or they will not send the account out or pursue you while you pay.

MYTHS:

"They" have to accept any payment I make.
Though they will have to post any payment you make. Dont be tricked into believing your
small payments will stop any collection activity, such as law suits, garnshiments, derogatory
credit reproting, i.e.

Something is better than nothing.
Don't be fooled into thinking you have done your deed for the day because you paid
$100.00 on a 15K debt. Make wise decisions regarding payments on your account.

They will get their money when I am ready to pay
Depending on the legalities, you may just pay unexpectantly with your tax refund,
or your next paycheck or even worse the funds that are in your banking account.

I will not be responsible for the interest and late fees
Mostly all creditors, have in the contract the accumullation of interest and fees
as well as the responsibilty the consumer(you)

I will not be responsible for the fees associated with the selling or placing of my account w/a 3rd party.
You are respnsible for any fees associated with collection of the debt including when
or if the account transfers hands.

Rule of thumb, if you want to pay the original creditor and not the third party agency or law firm, you should do it now, prior to it being released sold or reasigined. In doing so, it can save you money and headache.