Debt Collectors Break Silence

Debt Collectors Break Silence

Debt collectors break silence

There Are Debts (Photo credit: Wikipedia)

There have been several books and articles recently in which debt collectors come clean about what goes on behind the scenes. Finally debt collectors break silence. I suppose a late blooming conscience is better than none at all.  (Couldn’t resist a snarky remark).  Debt collectors claim to collect over 8 billion dollars a year.  Most people will have some kind of dealings with a debt collector at some point in their life.  I will highlight some of the lowlights of the debt collection world.

What are my Rights?

Your rights are enumerated in the Fair Debt Collection Practices Act.  Bumping up against these rights are some things you should know about now that debt collectors break silence.

  • All debtors are compulsive liars.  Collectors are taught debtors can pay if you convince them to borrow from friends, raid their 401k or pay with another credit card.
  • Your tale of woe will fall on deaf ears.  Your file will be notated HLS for “Hard Luck Story.”
  • Besides their salary the collectors get a monthly bonus, sometimes very generous, based on what they collect.
  • Since they buy these debts for pennies on the dollar there is a pre-approved settlement amount ranging from 15-35%.
  • When you are negotiating payment insist on a “pay for deletion” from the negative credit bureau notation.  They can and will do this and your credit history will have this matter expunged as if it never happened.
  • When they claim they are checking with a manager they are simply getting another voice in on the action.
  • When they say they are taking your application they are simply filling out a form to get additional information on you.
  • Check the legal statute of limitations on debts for your particular state.
  • If they are calling you at work you have the legal right to tell them not to as long as you are providing a reasonable alternative.
  • If you need them to stop, put it in writing and they must stop.

Bear in Mind…

Try to remove emotion from your dealings with them!  Maintain a steely eyed resolve for best results.  Remember they pay only about 7 cents on a dollar for recently charged off debts, 1.5-2 cents on a dollar for slightly older debt and less than 1 cent for older debts or debts past the statute of limitations.

Make them prove to you that they are registered with your State’s Department of Business Regulation as debt collectors.  If they are not registered they have no legal standing to collect debts.  The negative entry must be removed from your credit reports.

take careful notes.  they will sometimes be moved by a credible threat of litigation


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After practicing law for 37 years Edward F. St. Onge, Sr. now devotes all his time to helping consumers achieve a high credit score with amazing speed. Learn the counter-intuitive secrets to credit scoring through his down to earth instructions backed by extensive knowledge of the laws and trends. All of the latest tricks and techniques that they don't want you to know now at your disposal. At last a level playing field for the consumer!

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