Having overdue credit payments is a stressful aspect, which worsens when your creditor hires the services of a 3rd party debt collection agency. You might start getting calls, messages, and emails regarding your payment. If not handled correctly, agents might even visit your address looking for payment. In times like these, you might find it difficult to manage the situation, while also trying to pay back the due amount. So what is the right way to handle a third party debt recovery agent? Let’s find out.
Do not ignore
You might tend to avoid the calls or any sort of communication made by a debt recovery agent. However, that could worsen your credit scores and might also push the recovery services to opt for stringent measures if you haven’t started paying the dues back.
Do not pay without knowing all facts
There is a possibility that you will feel the need to pay the dues back as soon as a debt recovery service professional contacts you. You might even pay according to the amount the person tells you to pay. But such a step is not advisable. Paying your dues off on time is always recommended, but you should understand the complete facts about your debt before making any such decision. The debt recovery agent is trained to get receivables from debtors in minimum time, so they might convince you to pay sooner or more than required. Get as much information as possible, know the repercussions of the payment, then start paying back accordingly.
Do not believe only in oral communication
If you make a deal with the debt recovery agent regarding your dues, ensure that the agreement is made officially in writing, so there’s a paper trail. However, try to avoid changing the terms of the original credit agreement as best as you can, or your score under credit reports India, can get impacted negatively.
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