How To Stop Collection Agencies From Calling

Getting calls from collection agents is often very stressful. They seem to call at all hours of the day and night, and they keep calling even after you tell them you can’t pay. What can you do?

First, don’t take it personally. They are just doing their job. Many collection agents earn a commission for collecting debts, so they will keep calling to earn their commission.

Assuming you are receiving collection calls because you are behind on your payments and can’t pay the full amount owing immediately, you have three options:

Work out payment terms. If you owe $1,000 and can afford to pay $200 per month, offer to pay $200 per month over the next five months. The collection agent would like to collect all of the money today, but in most cases if you are paying something towards the debt they will accept the payment plan. Never make a commitment that you can’t fulfill. If you can only afford $150 per month, don’t offer to pay $200 per month, since that will only aggravate the situation.

Offer to make a settlement. If you can only afford to pay part of your debt, you can ask if they will make a deal with you. For example, if you owe $4,000, the collection agent may be willing to accept $2,000 as full payment. If you do reach an agreement, get everything in writing before you pay.

Talk to a bankruptcy trustee. If you can’t pay your debts, your next option would be to talk to a bankruptcy trustee. Your trustee can help you explore both a consumer proposal or a personal bankruptcy to help you deal, not only with the debt you are receiving calls about, but all our unsecured debts.

It’s important to understand that collection agencies are calling because you owe money. They will only stop calling when you have paid them, or filed a legal procedure such as a consumer proposal or bankruptcy to prevent them from collecting.

A member of our bankruptcy Ontario team will be pleased to explain more about how to stop collection agents from calling. The first consultation is confidential and always free of charge. Contact a nearby expert today!