Having unpaid debts or mismanaged debts can do great damage to you and it is something which you should always do your best to resolve as soon as possible. Those who have unpaid debts can find themselves in legal trouble, it can cause great stress which can also result in anxiety issues, it can tear families and friends apart and it can feel like a never-ending cycle of pain. This doesn’t have to be the way however and as the team at debt collectors Brennan & Clark LLC know only too well, there is always a way out.
What Are Debt Collection Agencies?
These agencies operate to recoup debt which has remained unpaid for a long period of time, they buy the debt from the original creditor at a cut-price and then take it into their own hands to get the money back. Contrary to what you may have heard, these agencies are designed to come and take your worldly possessions, it may get to that stage eventually, but there is a lot more to it than this.
Why You Should Settle With an Agency?
The MO of these companies is to acquire debts from creditors for the lowest amount possible and then seek to have the debt repaid. What this means is that these agencies want you to repay, can unpaid debt for them is bad business so it is important to remember that they are not out to get you. Settling with a debt collection agency could mean that you pay a far lower price than your original debt, as long as it means a resolution for them. These agencies will also work with you to structure an appropriate payment plan based on what you can afford, and in most cases they will actually stop the interest for you.
Why You Shouldn’t Ignore Them
Unfortunately for many who are drowning in debt they don’t like to face up to their problems and instead they will screen calls and ignore letters from the collection agency. This is potentially the worst thing that you can do in this situation and it is vital that you call them and speak through your debt issues. If you ignore the letters and phone calls then the collection agency will be able to go to the court for a judgment which could mean that you are summoned to appear in court, which could end up seeing you bankrupt, or at the very least that you will never be able to obtain credit again. All of this can be avoided with a simple phone call to your collection agency, where you explain fully what your financial situation is and put together a plan.
Collection agencies can eventually have the power to take items from your home which total the value of the debt, this could mean losing your car, your gadgets and possessions or even your home depending on the terms of the loan. Don’t risk all of these unsavory consequences, make a call to your debt collection agency and settle the issues as soon as possible.