How To Stop Debt Collection Calls

One of the most aggravating aspects of struggling financially and getting behind in paying your bills is the inevitable collection phone calls that begin streaming in. Some of the collections people can be very rude and insulting, and the stress that this can add to an already trying situation can completely destroy whatever semblance of peace and tranquility you may have had remaining. Before you lose all hope of regaining the life you knew before the wave of calls began, you should investigate the benefits offered by a debt management plan (DMP) through a credit counseling agency or other debt solutions provider. Not only can they be effective at bringing the collection calls to a stop, but they can also be instrumental in resolving the debt problem itself if it involves unsecured debt. Unsecured debt, which is debt that is not backed (secured) by any asset as collateral, includes credit cards, personal loans, department store cards, gas cards, medical (financed), etc.

By enrolling in a debt management plan, you gain access to interest rate relief, a consolidated monthly payment, an end to over-limit and late fees, and the aforementioned collection call assistance. Further benefits of a debt management plan include access to financial counseling and the ability to protect your credit score. The ability to repay your debt without hurting your credit score is one of the biggest and most attractive benefits of a debt management plan. On your credit report, it will be reported that you are making payments through a debt management company, but the Fair Isaac Corporation (FICO) will not factor in the DMP when calculating your credit score.

Before enrolling in a debt management plan, however, be sure to do your research on the company and do some comparison shopping. Some debt management companies may charge excessive fees, so familiarize yourself with all the fees involved and make sure they aren’t high. The key to a successful DMP is to enroll in a plan you can afford to follow. You should feel confident that you will be able to make the required payments on time and at regular intervals.

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