Panic can cause you to stop answering the phone and try to avoid contact. This is a bad strategy because it leads to two unpleasant consequences:
The collectors will not stop bothering you and will move on to more active actions. And soon, you will probably have to deal with bailiffs.
Life will become much more stressful because of constant fear. It is better for mental health if you face difficulties openly, rather than trying to run away from them. If you start negotiating with the collection agency, the stress will decrease.
2. Check the collector
On the FSSP website, you can verify that the collection agency that is calling you actually exists. This is important because fraudsters can pose as collectors and contact debtors.
Pick up the phone or call yourself, have a constructive dialogue. Explain cambodia mobile database he situation, tell about your real income and plans to pay off the debt. Specify the maximum amount you can contribute monthly.
If you are nervous, make a plan in advance. Write down the main points that need to be communicated. If you can prove that you stopped paying the loan for a valid reason, prepare the relevant documents.
An agency employee cannot be rude or threatening. He or she should also not pester your relatives with calls. If unlawful behavior does occur, indicate that you know your rights and will not allow them to be violated. We also recommend recording the dialogue: if it comes to court, the recording can serve as evidence in your favor.
4. Reach a compromise
Try to negotiate favorable terms with the collection agency. The repayment schedule should be convenient so that you do not start to default again.
If a collection agency offers too much payment and refuses to budge, it may be better to go to court. Most likely, the court will end with a settlement agreement that will take into account the interests of both parties. But any court is a cost to the creditor. In addition, it can lead to the bankruptcy of the debtor.
If you engage in dialogue and offer acceptable terms, you will eventually be able to reach a compromise.