Not being able to afford things is becoming very common in our world today. Money is the driving force behind what we do on a daily basis. We go to work to make money so we can pay our bills and enjoy life comfortably. Our economy is in the toughest situation it has been in since the Great Depression, and there are so many people who are struggling financially and just cannot seem to catch up on their bills, resulting in a lot of debt.
Being in debt is no fun for anybody, your credit score is drastically affected, and you usually are very stressed out about the debt. When you are in debt, the money you owe belongs to someone else, which is why you are likely to receive collection agency calls.
Not being able to pay your bills can be very stressful for someone to deal with. It is a scary situation when you cannot seem to climb out of the hole no matter how hard you try. Unfortunately debt just cannot be erased; money owed by one person is someone else’s money.
Collection Agencies Will Come!
If you find yourself deep in the hole and you are not able to pay your bills, a collection agency may be called in to find you and retrieve the money you owe. The information you put on your loan forms is likely to be the information the collection agency will use to contact you.
Once a collection agency is hired they begin their process to try to track down a debtor, their process is usually the same for every case. They begin with an initial letter stating that they are a debt collection agency hired by the business that the debtor owes money to, the letter also serves as a friendly reminder to them about the money that they owe. If the person responds quickly and begins their payments then the next letter is a gentle letter thanking them for their cooperation.
If the letter is ignored another letter is sent, this one is more threatening and usually provides the debtor an ultimatum. If these letters are not enough to have forced the debtor to contact the agency then the agency will try to call the debtor. After multiple attempts at a reaching them via phone calls the agency will begin to use their outside resources like Facebook and other social media sites to try to get more information on the debtor.
Social media sites have become immensely popular over the past few years. These sites have even become useful resources to debt collectors. Since Facebook has over 900 million users and counting it is becoming more and more likely that the person that an agency is attempting to contact has a Facebook page, that could possibly display some personal information that would help an agency track down the debtor they were hired to find.
With social media sites now being used as a resource it is becoming very hard to run from the debt collector. Your debt is going to haunt you until you begin to pay it off so it is important to cooperate with a debt collection agency to pay off your debt as quickly as possible.
Collection agencies are usually hired by businesses to retrieve money that they are owed to them. When a collection agency is hired they are assigned an account and it becomes their responsibility to track down the debtor, retrieve the money owed and return it to the business that it is owed too.
There are collection agencies all over the place and some specialize in big accounts and others specialize in small accounts. Then there are also agencies that will take on any account.
A life consumed by debt definitely SUCKS! It’s best to deal with it head on and get rid of irritating debt as soon as possible – or be prepared for it to haunt you for the rest of your life.