You CAN Stop Debt Collectors and Regain Control of Your Finances

I just finished reading a review copy of a terrific book –- Stop Debt Collectors –- by Gerri Detweiler, Mary Reed, and John Ventura, which is published by Credit.com. If you’re behind on your bills, you need this book, which will be available pretty soon.

In the spirit of full disclosure, before I say anything else, I need you to know that Gerri Detweiler and I go way back, as friends, colleagues, and co-authors. She’s one of my favorite people on the planet. Also, for the last few years, I’ve been happily writing for Credit.com, as well as for its blog, that is, this site, CreditBloggers.com. 

I’d like to think that I’d be able to separate out these various factors under every circumstance, but who knows? In this case, it’s not even close, which is fortunate for you … especially if the bill collectors are already calling you at home and work.

Stop Debt Collectors Is a Gem
It’s non-judgmental and empowering, clearly spelling out your alternatives, while offering sound advice on what you should and shouldn’t do or say – and then making it easy for you to follow that advice. For example, as the authors put it, “One of the most important pieces of advice we can give you when you’re dealing with debt collectors is to maintain detailed written records about your interactions with them.” They give you a form to make it easy for you to keep track of who said what, when.

Similarly, they say “if a collector contacts you about a debt that is several years old, do not acknowledge that you owe it or agree to pay it until you find out whether or not the debt is outside the statute of limitations.” The book tells you what the statute of limitations are in every state and the District of Columbia and how that information can help you prioritize your debts.

Stop Debt Collectors includes many concrete tips, for example, about how to avoid foreclosure on your home and how to avoid the “repo man,” if you’re even just a little behind on car payments. It also spells out what debt collectors can and can’t do under the law -– and what you can do if they violate the law.

But what I like best about the book is that it can help you take charge of your debts from where you are now: “If you’re like a lot of people,” they explain, when the phone calls start, “your first reaction may be that you need to immediately come up with the money the debt collector is asking for. However, paying it may be a bad decision depending on the importance of the debt relative to your other debts, whether or not you believe that you really owe the debt, whether or not you believe that the amount of the debt is accurate, and whether you can afford to pay the debt, among other things.”

It’s not an ideal world, and sometimes, there are difficult choices to be made. Gerri Detweiler, Mary Reed, and John Ventura go through the pros and cons of each option you may face. I like that they are equally clear when they feel you have no alternative. For example, if you’ve “fallen behind on a secured debt (your car or home loan, for example) and you do not have the money to get caught up on it, contact a consumer law attorney immediately!” (The authors recommend you surf over to the National Association of Consumer Advocates to find a lawyer who specializes in this area.)

I hope you don’t and won’t need Stop Debt Collectors, but if you might –- be honest with yourself -- how about at least bookmarking this blog? The sooner you face your debts, the sooner you can take control and create a brighter future!

Nancy Castleman – Co-author of "Invest in Yourself: Six Secrets to a Rich Life" and founder of Good Advice Press. Nancy has spent the last 23 years teaching people how to get out of debt, save money, and live better on less. She writes on all these subjects for CreditBloggers.com.

Comments

[Robin Smith]

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