Dealing With Creditors

Normally dealing with a debt is straightforward. You borrow money, agree a payback schedule and keep to that schedule. Everybody is happy and normally—if your creditor is one of the banks or credit card suppliers—you get phoned from time to time with offers of more money at special terms, including periods at 0% credit.

Who can resist—and don’t they love you when you say ‘yes’!

But when you tell them there is a problem or miss a payment or two how that changes. Suddenly you are besieged with hostility and suspicion. Your character credit becomes zero, never mind about your credit rating.

Not all companies are like that. Some show the greatest sympathy and helpfulness; others take a bit of pushing to meet you where you are now, rather than where you were.

But far too many decide it is open season on debtors and you are subjected to all sorts of threats, phone calls and horribly officious-looking letters. And whatever you say or write seems to be brushed aside.

And when you phone, or are phoned, you rarely speak to the same person, and sometimes not even with the same call centre. Every time you are invited to repeat all your submission to them and each time there is a promise to put it on the computer.

You have no idea what they might put on the computer, of course.

So, if you follow my advice, you write letters. And then, often as not, any reply ignores most of what you have written. You do have to persevere.

There are rules that the creditors must follow. And they are a lot more in your favour than creditors would like you to know. The rules are contained in law, regulation, licence and code.

Remember this next time there is one of those phone calls or letters.

Joseph Harris
Debt Control Man

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One Response to “Dealing With Creditors”

  1. Credit Crunch » Dealing With Creditors Says:

    […] ccbaxter wrote an interesting post today onHere’s a quick excerptNormally dealing with a debt is straightforward. You borrow money, agree a payback schedule and keep to that schedule. Everybody is happy and normally—if your creditor is one of the banks or credit card suppliers—you get phoned from time to time with offers of more money at special terms, including periods at 0% credit. Who can resist—and don’t they love you when you say ‘yes’! But when you tell them there is a problem or miss a payment or two how that changes. Suddenly you are besieged with hostility and suspicion. Your character credit becomes zero, never mind about your credit rating. Not all companies are like that. Some show the greatest sympathy and helpfulness; others take a bit of pushing to meet you where you are now, rather than where you were. But far too many decide it is open season on debtors and you are subjected to all sorts of […] […]

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