Dealing with Debt Collectors

What is one of the protections provided by the FDCPA regarding the timing of calls from debt collectors?

• They can call you only during weekends.

• They can call you anytime.

• They cannot call you before 8:00 a.m. or after 9:00 p.m.

• They cannot call you at all.

What should you do first when a debt collector calls?

• Pay the debt in full.

• Ignore the call.

• Verify the debt details.

• Agree to a payment plan immediately.

Why is it important to get any agreement with a debt collector in writing?

• To have a record in case of disputes.

• To avoid paying any money.

• To make the debt collector happy.

• To ensure the debt is erased.

What should you do if you cannot afford a lump sum payment to a debt collector?

• Wait for the debt to disappear.

• Ignore the debt.

• Ask for a payment plan.

• Pay whatever you can.

What is a key strategy when negotiating with debt collectors?

• Agree to any terms they offer.

• Make a reasonable offer based on your financial situation.

• Ignore their calls.

• Pay the full amount immediately.

What action can you take if a debt collector is harassing you?

• Call the police.

• Ignore their calls.

• Pay the debt immediately.

• Send a cease and desist letter.

What is the statute of limitations in the context of debt collection?

• The time period during which you can ignore the debt.

• The time period during which a collector can sue you for the debt.

• The time period during which you must pay the debt.

• The time period during which the debt is forgiven.

What is the benefit of keeping detailed records of communications with debt collectors?

• To help protect you in case of disputes.

• To avoid paying the debt.

• To confuse the debt collector.

• To ensure the debt is erased.

What is the purpose of a goodwill letter to a creditor?

• To ask for more time to pay the debt.

• To demand a refund.

• To complain about the debt collector.

• To request removal of a collection from your credit report.

How can settling a debt affect your credit report?

• It will have no effect on your credit report.

• It will increase your credit score immediately.

• It will show the debt as paid or settled.

• It will remove the debt from your report.