| What is a debt collector? A debt collector is a | | | | Given the very high stress aspects of this job - given |
| company that buys accounts - old auto loans, credit | | | | that they are repeatedly calling people in pursuit of old |
| card loans, medical debts, etc. etc. - from the original | | | | debts - there is high turnover in the debt collection |
| creditor. If you've been contacted by a debt collector, | | | | industry. |
| you may choose to contact a consumer debt lawyer | | | | Note that if a collector calls and reaches someone |
| Raleigh or consumer debt lawyer Cary. | | | | other than the debtor, the debt collector is legally |
| Usually a debt collector will buy an account either 120 | | | | prohibited from disclosing the reason for the call. |
| or 180 days after the account went into default. The | | | | If the collector reaches an answering machine or voice |
| debt collector will typically buy the account for pennies | | | | mail, s/he will often leave a message, but is prohibited |
| on the dollar. A recent 2009 report showed that debt | | | | from explaining the reason for the call, since someone |
| collectors bought "fresh" accounts for less than 10 | | | | besides the debtor might hear it. |
| cents on the dollar. The older the account, the less the | | | | Collection agencies are required to provide a phone |
| debt collector paid for it. | | | | number which is free for the debtor to call. |
| Sometimes the debt collector calling you will be the | | | | Most debt collectors have their employees use a |
| 2nd or 3rd debt collector to buy the account. | | | | script, which contains a pre-written introduction, request |
| Debt collectors hire dozens, sometimes hundreds, of | | | | for payment, and has various branches to follow, |
| people to sit in large rooms with phone banks. The | | | | depending on how the debtor responds. |
| phone banks are connected to automatic dialers that | | | | If a particular debtor is taking up too much time, without |
| dial phone numbers automatically so that the individual | | | | making arrangements to pay, the collector will be |
| debt collector simply moves from call to call. The | | | | inclined to move on to other accounts. |
| automatic dialers are powered by software that | | | | Note that any information you give about your financial |
| "predicts" when people in that part of the country will | | | | situation will be noted on the account record and used |
| be home or awake in order to receive the call. | | | | against you. For instance, if you indicate that you are |
| Most debt collectors are not local. They do not | | | | working and do have assets, that information will be |
| operate out of North Carolina. Rather, they operate out | | | | noted on the account and you are likely to receive |
| of Texas or Nevada. | | | | more, not fewer, calls because the debt collector |
| Typically employees of debt collectors - the people | | | | realizes that you have the ability to pay. |
| making the phone calls - are paid partly on a salary | | | | It is best not to disclose any information to a debt |
| and partly by commission. That means that the more | | | | collector. Instead, you should keep a call log of all |
| money they collect from delinquent accounts, the more | | | | contact with debt collectors, including the name of the |
| they make in take-home pay. | | | | person calling, the company they are calling from, their |
| In addition, many of the debt collectors employ goofy | | | | phone number, the debt they are calling about, the time |
| techniques to keep enthusiasm high. For instance, a bell | | | | of the call, and any comments that the debt collector |
| will ring or balloons will fall when a big account is | | | | makes, including threats and rude or threatening |
| collected. | | | | behavior. |