The Quickest Way to Stop Collection Calls – Handy Financial Tips
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The Quickest Way to Stop Collection Calls

By Jerry Handy Sr. | Financial Education

May 27

Have you ever wondered what it takes to stop collection calls?  Don't feel bad, we've all been there in one way or another.

It's not a good feeling when this kind of stuff happens, but hey, it's life. 

Right?

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If you haven't experienced this, there is a slight possibility that you will at some point in your life.

Knowing that there is approximately 70% of the country who is living from paycheck to paycheck gives us a great degree of confidence that it's likely to come knocking at your door soon.

Well, maybe not your door, but sure enough on your phone.

But when that happens, is there a way to stop it?

Absolutely!

But before we go into detail on how to stop collection calls from happening, let me give you  quick back story.

It was around 1983 when, let's just call his name Johnny for the sake of anonymity, was just getting out of high school.  He was super excited to now have an opportunity to experience freedom like he has never before experienced.

He's now employed with a decent job and making good money.  At one point Johnny decides he wanted to spend the rest of his life with a young lady and thus they get married.

Well, with marriage, there comes kids eventually and their life rolls on.  Now that he has a "help meet" who now shares in the financial responsibilities and commitments around the house, they feel that they are ready to explore new territories.

These new territories include purchasing a new car, furniture, televisions and the likes.  I mean hey, they can afford it right?

Everything seems to be working out great for them until one day, all of a sudden, one of them has lost their source of income.  Yes, now there is only one income.  They panic and wonder how in the world are they now going to pay for all of these new toys they've just bought.

Understandably they are concerned and for good reasons.  Shortly thereafter, days passed by, then weeks.  The letters start coming through in the mail for payment on the items that they had purchased on credit from their creditors.  

They ignored them. 

Weeks and weeks go by.  They still are receiving the reminder letters that their payments were due on the items purchased. 

They still ignore them. 

Because the letters that the creditors sent to Johnny and his wife were being ignored, now the creditors have turned their accounts over to a collection agency.  The agencies have their information as well as their account numbers in hand and commence to calling Johnny about the debts.

The phone rings and Johnny picks up. The agent identifies himself and tells Johnny the reason for his call.  He tells Johnny that they are attempting to collect a debt on behalf of "XYZ" company and when does he think he can clear the debt.

Johnny gives the collection agent his story about how there was only one source of income now since one of them lost their job and he's unable to pay anything right now on the debt.  After a brief back and forth, they get off the phone.

A few weeks later, the collection agency calls back and Johnny is aware of it because of his caller id.  Johnny ignores the call. 

They then call several times within the same day, and Johnny's response is the same, he doesn't pick up.

At this stage of the game, Johnny feels that his best option is to just ignore the collection agencies and the problem will go away. 

Do you think he's right?

If you said no, you're absolutely correct.  It won't just go away like that. 

The collection agencies will continue to call Johnny as often as possible to make a connection about the debt.  Behind the scenes, what has happened is that the original creditor has turned the debt over to a collection agency in hopes that they are able to retrieve as much of their money as possible and the collection agency tacks on their fees. 

If the debt can't be collected by the first collection agency, they may even sell it to another collection agency for pennies on the dollar. 

The goal of the collection agency is to get as much money from the individual in default as possible, in order to increase their return on investment.  Yes, I know it's not right, but just understand the reason we're here in the first place is because an individual chose to ignore the letters and phone calls of the original creditor.

So, how should you handle collection agencies when it seems like they are calling non-stop? 

This may come as a shock to you, but you should pick up the phone or even respond to their letters.

By not picking up the phone or  responding to their letters, you're allowing them to dictate the transaction.  They are imposing on your peace of mind and tranquility by invading your space or disturbing your family dinner time.. 

Here you are worried all day and night about these debt collectors, when they see it as a game to make more profit off of you.  It's business, yes, but it shouldn't be to your peril or dismay.

You should follow the step by step process outlined below:

How To Stop Harassing Collector Calls

  • 1.  Have a debt repayment plan in place, even if it's paying them $1 per month.  It's better than them not receiving anything.
  • 2,  Answer the phone when they call.
  • 3.  Share with them what you can do financially to show your good faith in honoring your financial commitments.
  • 4.  Call them every two weeks to let them know that you plan to send them the money on a certain day.
  • 5.  Rinse and repeat for other creditors or collectors that have been harassing you on the phone.

This will undoubtedly take care of your annoying and peace defying harassment calls you've been getting for weeks.

By you calling them now, it prevents them from having to call you.  You're just implementing and using reverse psychology to your advantage.‚Äč

Try it and see won't that be the quickest way to stop collection calls by far and start enjoying your life and family again.

Jerry

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About the Author

Jerry is driven to help families who are struggling with debt to finally get on a path to financial freedom. The only thing that is separating you from accomplishing your dreams is having access to the right financial wisdom imparted to you. That's where the true heart of a teacher comes forth and that is how Jerry can point you in the right direction.

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