You have just got a call from a debt recovery collection agency that you have a payment due, and you need to pay at the earliest!
This kind of call may result in a press of the panic button, making you feel lost and not sure of what should be your next step. Do not panic and look beyond the phone call or intimidating letters if you have received one. You will surely be able to come up with a solution that works for you.
Guidelines for making due payment
Given below is a short guideline that will help you make a payment to a debt collection agency.
Find Out Your Actual Due
Indulge in communication with the company providing the debt collection services that have contacted you. Find out who they are representing and how your details have gone to them. It may happen that the lender may have made a mistake. You may have already made the payment, but it has not been updated. If this is the case, you can just provide the debt collection agency with proof of your payment and close the case. In case, there is an anomaly or confusion, the debt recovery collection agency will help you resolve it.
Most companies offering debt recovery services maintain a cordial relation with customers and aim at resolving the issue amicably. They are also experts in this field with high exposure and experience to handle cases such as yours and are capable of making you understand any legality involved. Hence, you can take the help of a debt collection agency to know your due amount.
Calculate how much you can pay
The next step is to review your budget to understand how much you can pay. You may opt for a lump sum payment and pay off the whole debt at one go. Or you may look into installment payments and pay your dues in the form of monthly installments. In some cases, there are also options available to go for a bargain with the debt recovery services provider and settle on a mutually agreeable amount and mode of payment.
Communicate with the debt collections agency
Once you have determined how much you will be able to pay and by which mode, reach out to the debt collection agency for further processes. The debt recovery services providers are available 24X7, making it convenient for you to contact them at your convenient time. Their highly professional team will readily assist you to make the payment without any hassle. Before you make the final payment, you should ask for a written copy of your agreement with updated information of the payment that has been decided upon.
Make a payment
Make your payment once you have a written agreement from your debt collection agency and have reviewed it for accuracy. Do not forget to collect the proof of payment to avoid any confusion in the future.