Three Things You Should Know About Debt Recovery
Debt is something that happens to a lot of us. The question is: How many of us know enough about debt collection and recovery to solve the problem? I am guessing there is only a handful of you who have some idea of what is involved. That is why I am going to give you a little education. I have two things about debt collection and recovery that you should be aware of.
1)
You need to keep a copy of everything that you get. I know it sounds like a lot, but you need to keep a record. Every email and letter you should file away. You need to be able to prove your case, especially when you are innocent of what they might be charging you with.
Did you already pay off some of the debt you have? You need to keep copies of that information too. Once more, it comes down to proving your case. Some companies like to charge extra, even when you have paid it off. Sometimes it becomes a case of "he said, she said." You need to prove your innocence.
There have been cases where someone has come after a person for a student loan that is over 20 years old, and not in the system anymore. You have to protect yourself.
2) You need to protect your bank account. I know it sounds silly, but they can do that. There are cases where people have had their bank accounts seized for non-payments. It might sound drastic, but it does happen. Technically, they cannot do that without some kind of court order. That does not stop them though.
Social security is something else they try to touch. Once more, they cannot do it without a court order. Prepare yourself for the worst because some of these people have no shame. To know more read on Commercial Debt Recovery.