Debt collection phone calls and collection letters are the most misunderstood items people must deal with when they fall behind on paying their credit card debt. A few “in the know” use it as income opportunity while most are afraid to answer their phone and have no idea about how to make money answering a collection letter.
You fall behind on paying your credit card debt and get a few late notices from the bank. The letters get progressively more threatening as they warn you of all the bad things that are going to happen to your credit report and say your account information will be to be turned over to a debt collector if you do not pay up immediately.
The banking industry and card companies do not care that you have lost your job due to their Wall Street shenanigans which triggered the depression. They just want their 30% interest rate paid and they want it now! They did not get enough bailout money to give every executive a million-dollar bonus and they want you to make the difference!
This should upset every citizen and trigger the “I am not going to take it any more” attitude that every red blooded American has tucked away somewhere in their soul. Instead of triggering fear when some collector calls you should remain calm, smile and say to yourself “I am about to make $1000 on this call.”
The complete strategy for answering phone calls and collection letters is laid out for you in the Fair Debt Collection Practices Act. While most people just want the calls to stop you should turn your fear into an opportunity to make money and reduce your card debt to zero. You will need a digital recording device that you can find at Radio Shack, Wal-Mart or online for very little money.
When the collector calls and asks if this is “your name” you will immediately respond with “this call is being recorded and you have the right to remain silent” which is fair warning. Never give any information other than your first name. Collectors must establish that they are talking to the person whose account information they have purchased for a few pennies on the dollar.
When you give them only your first name they will become frustrated and if you are lucky they will go berserk, curse you, harass you and violate your rights on the phone so keep smiling and keep recording. In addition to the $1000 for the violation you can use it as an incentive to demand the collector mark your account “paid as agreed” instead of collecting the thousand dollars for the violation. It works great.
Collection letters must be answered! If you do not answer the collection letter you will lose in court and your wages will be garnished or a property lien will be filed, perhaps both. Writing a simple demand for proof of a debt is the second way to make money. Rarely can a debt collector show any proof whatsoever that you owe money. If they cannot prove you owe then you are free to go and owe zero on your card account.
Turn your fear of debt collection phone calls and collection letters into an opportunity to zero out your debt allowing you to walk away free and clear. Never let your lack of understanding a few simple principles ruin your life. Change your thinking and change your life forever.