Wednesday, November 4, 2020

What to Do If You're Harrassed By a Collection Agency

Like it or not, the world revolves around money. You need strong finances to keep a roof over your head, put a down payment on a car, and get a good education. Sometimes, you can’t afford all of those things outright, so you take out a loan and pay it back over time. 

Financing any big purchase requires organization and timely payments. Even when you play everything the right way, you still may end up dealing with pesky debt collectors that won’t seem to leave you alone. If you are being harassed by a collection agency, there are some steps you can take to find peace.

As a borrower, you agreed to pay back hard money to your loan seller. That doesn’t mean you agreed to be harassed and bothered while you’re working on paying that amount back. Of course, if you have overdue or missed payments, catching up on those will be the easiest way to get debt collectors off your back. 

But if you feel you’re being harassed without reason, you have the power to confront these collectors, verify your records, and even seek legal representation if needed. Follow along for a few helpful tips to stop collection agencies from harassing you.

Keep and refer to your records.

Clarity is incredibly important when it comes to any amount of money or financial situations. Any time you sign a legally binding document like a loan agreement, you need to keep a record of that information. 

Having documents you can refer to and proof of monthly payments can stop a collector in their tracks because they can’t make an argument against you. When you buy a home, that is mortgage 101

As you search for mortgage loans, you are expected to do your research, take notes, and protect all documents involved in the mortgage process. This puts you in control of your finances and makes sure a lender can’t take advantage of you down the line.

Consult legal experts if necessary.

Most cases won’t come to this, but you can take legal advice if you feel a private money lender is harassing you without cause. Groups like Global Legal Law Firm, a San Diego based law firm, work hard to untangle complex litigation cases to guarantee that individuals, corporations, and commercial entities recover all of their assets. 

Consult an expert if you think you have been mistreated. They will have the expertise and intimidation factor to help force collectors to leave you alone.

Know your rights and stand your ground.

It’s easy to feel intimidated within the world of finance, especially dealing with brokers and loan collectors. Your biggest tool is information. Know your rights and do your research. If you are being mistreated, say so, and don’t give in. This tip may seem like one of the basics, but knowing your rights will keep you in control of the situation long term.

Next time, take your business elsewhere.

Taking out a loan rarely seems simple. With all the small details and fine print, it’s possible you made a minor mistake that opened the door for debt collector harassment. Next time, take your business elsewhere. Companies like hard money lenders Oregon offer hard money loans and create a simple, straight forward loan process. 

Especially if you need a private money loan to turn a quick profit in the case of real estate acquisition or fix and flip situations, you can count on hard money to be a reliable loan that won’t lead to complications down the line.

It’s OK to ask for verification and tell collectors to stop harassing you.

You may feel powerless when a debt collector knocks on your door, but you actually have all the power. Be clear and concise and refuse to back down. Ask for verification of your loan amount and interest rate. You’re also within your rights to directly tell collectors to stop harassing you. There is a process to officially do this, but it can save you a headache down the line.

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