Debt collectors can be ruthless when it comes to getting the money they are owed. Their phone calls can start early in the morning and continue through nine o’clock at night. They can call your home and your place of business. These debt collection calls can cause massive amounts of stress and annoyance.
It is possible, however, to stop these debt collection calls and negotiate your debt through the mail. Under the federal debt collection laws, any debtor can request that the debt collector contact them through the postal service only. However, this request must be in writing.
If you wish to negotiate your debt through the mail, the first step is to write a letter to the debt collector requesting that they cease calling you in regard to the debt and communicate with you through the mail only. Mail off this letter through certified mail as proof that you sent it.
Once you have established that you will only negotiate your debt through the mail, you must actively negotiate your debt.
The next step in negotiating your debt through the mail is to discuss the total debt amount. It is usually possible to negotiate a settlement amount that is smaller than the total debt. Be clear in your letter that any settlement payment must report to the credit bureaus that the debt is paid in full at that amount. At the very least, you must negotiate to stop all further interest charges.
After deciding on a total debt amount that is good for both you and the debt collector, you can negotiate payments. Realize that the debt collection company has access to your credit reports and employment information. They know if you have other open lines of credit that can be used to pay off your debt with them.
Do not lie. In your mail to the debt collection agency, tell what you can afford to pay and when you are going to pay it. Include the first payment with that letter. You can pay with either a money order or a check. While a money order does not give bank account information to the debt collectors, it also does not give you any receipt that you actually made a payment and if it was cashed or not.
Then, if the debt collection agency has no complaints, send another payment in every month as you agreed to do.
Being in debt is a highly stressful thing. Getting continuous telephone calls from debt collectors can just add to the emotional strain. If you want to stop the debt collector’s calls, you can negotiate your debt through the mail.