The fastest way to solve a debt problem is to run away from it, however, the consequence is devastating. Although, in my last article, I seem to give you an idea that you should not be afraid of debt collectors, I still believe that we will reap what we sow. If we don’t pay our debt, we will soon suffer the consequences of our actions.
So how do I get rid of all these credit card debt collectors? The answer is PATIENCE.
Let me explain.
Credit card collection has stages. I’m not very familiar with specifics but I’m sure there are stages for collection.
The first stage will be the credit card company collecting it directly from you. If they are not able to collect that, they will transfer it to another department which will be the second stage. If this fail, they will give this to a third-party collection agency – this is the third stage. If all else fail, this will be transferred to another agency.
What’s my point here.
On the first stage, these collectors are by the book. They will importunately collect from you. They will call you at least 5 times (maybe more) in a day and they will tell you to pay immediately. We will call them the bot-collectors because they are like robots just following their command.
The second stage will have a little more power to negotiate. They will be given a list of options to give to you. At this stage you the credit card company can enroll you to a debt repayment plan. If you are able to pay the amount, this is a good stage to pay because it’s light and you can reactivate your card, usually once you have paid half of the total amount you paid.
The third stage is what I will call the gangster collectors. They will be harsh and they are paid to “harass” you. At this stage, the collector will be threatening to sue you and bring you to court. They will send you text messages and call you every now and then telling you that if you don’t pay immediately they will file a court case. For me, this is not a safe stage to make a deal.
The fourth stage is more like a grace collector because they give more grace to you. At this stage, the only goal is to at least collect what you owe. They can give you discounts (sometimes as much as 75%) and better repayment plans. If you are really hard up, this is the best stage to repay. Don’t let this pass.
Now all these takes time. From stage 1 to stage 4 it usually takes 2 maybe 4 years before it reaches the fourth stage. That is why I’m telling you to be patient.
Again, the goal here is to pay what you owe. Do not ignore debt collectors even if they are annoying. Answer their calls and check if they have payment options for you.
I hope this helps.
Let me know what you think.