Collection calls can be a real stress inducer in a consumer’s life. It is bad enough that you know you failed at money management. The very thought of your inability to pay off what you owe is enough to keep you awake at night. Imagine how worse it would all be to have someone call you every day just to remind you that you have been late on debt payments. These calls are rarely friendly and they are oftentimes abusive, threatening and harassing. You would give anything to have these calls stop so you can think and get yourself out of debt in peace.
While you want to hate these callers, you need to realize a couple of things. One, they are only doing their job. Two, your debt is profit for them and they have every right to collect from you. Three, they are not out to attack you personally. And last, your debts are your responsibility and you are the one who is at fault by putting yourself in a position wherein you cannot afford your debt payments.
Fortunately for you, there is a way to stop the collection calls from happening and that is debt management.
This type of debt relief program involves a debt professional who will help you with your financial difficulties. You will both come up with a debt management plan or DMP that will serve as the new structure of your payments. The counselor will not only take an active role in paying off your dues, they will also teach you how you can keep yourself from landing in another debt pit. With your DMP, the counselor will get in touch with your creditor to ask for approval. This plan contains a lower monthly payment that is stretched over a much longer time frame. If possible they will even negotiate for the creditors to lower your interest rate.
That sounds like a good way to pay off debt right? But that does not answer the question as to how it can help stop collection calls.
The thing about debt management companies is that they are funded and backed by credit companies. That will give you the assurance that these people will be entertained by your creditors. Although that arrangement may seem like suspicious because you might end up being coerced to submit to the plan of your creditor – it does not work that way. At least, there are legitimate companies who sincerely want to help out consumers pay off their debts without getting to the bad side of their respective creditors.
This relationship is the reason why collection calls will stop. When you are enrolled in a debt management program, your application will be reported to your creditors. The debt management company will tell your creditors that they do not need to remind you of your debt. That is because you already took the steps to make sure that you can keep up with payments by enlisting their help. More than anything, your creditors just want the assurance that you will pay off what you owe. Since you are being represented by a debt management company that they recognize, they can ease their worries and as a result, ease up on the collection calls too.