Dont fear the ring.
Or maybe now, even the text or email.
But what if youre unsure of whether you even owe the debt or you think they are scams?
Third-party debt collectors are required by law to send a debt validation letter to you upon request. The letter must include how much you owe, who you owe it to and what action you can take.
Youre not the only one confused or annoyed by the calls.
Debt collection complaints claimed the #8 spot on the Federal Trade Commissions list of consumer complaints in 2020.
7 Ways to Make Money if You Hate People
Do you avoid people too?
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
One way to press the pause button on their aggressive tactics?
What Is a Debt Validation Letter?
Did you know?
Heres how to follow it to ensure youre protected.
If youre too afraid to even pick up the phone, here arefive ways to deal with debt collectors.
Sometimes less is more, especially with a debt collector that you may be unsure of, McClary said.
The debt collectors information about the debt conflicts with your records of the debt.
You believe the collection attempt may be a scam.
The account in question is not yours.
After the collector sends the debt validation letter, you then have 30 days to respond.
What Should You Do When You Receive a Debt Validation Letter?
When you receive the debt validation letter, review the amount and original collector for accuracy.
The written communication is also your chance to investigate the debt collection agency for its legitimacy.
Theres a good chance youre not the only victim of their illegal tactics.
And thats further proof that a debt validation letter puts the power in your hands.
Tiffany Wendeln Connors is a staff writer at The Penny Hoarder.
Readher bio and other work here.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
