Are you deep in debts and being contacted by different agencies trying to get you to repay your debts? If you are, then you could have a debt recovery agency contacting you on behalf of the company, whether it is for an unpaid credit card bill, medical expenses, student loans or any other debt you may have accrued.
Debt recovery agencies work for the lenders who do not have their own means to collect debts owed. These agencies work for the companies to resolve the debt. However, these agencies are there to work with you to help you repay your debt.
Lenders do not want to just write off a default; they want to at least get back some of the money that they loaned out. These agencies will work with you so that you can begin to pay off some of your loans to the lender, which can help you avoid further harming your credit. The agency will review your case and suggest to you what you should do about repaying your debts.
Keep in mind with these agencies that they do work for the certain creditor. They may tell you that it is more important to pay off their loans first because it benefits them. Although it is not good to ever fall into large debts, you should look into which debt has the highest interest rate before deciding which to pay.
On the other hand, if your creditor has sent in a debt recovery agency to collect your payments, then it could escalate if you refuse. These agencies can go as far as opening a legal suit against you for not repaying your loans, which you will probably not be able to afford because they cannot even afford to make the minimum payments.
When you are working with a debt recovery agency trying to work with them is probably your best option. They will work to recover at least a minimum payment and if you can keep up with that it could stop the credit agency calls and save your credit from more damage. Be sure to know exactly what the debt recovery agency requires of you in order to start your services and make sure that it is reasonable request.
Ashley Russell is a North Carolina native, hailing from Kings Mountain. She is a diehard Carolina fan who loves to watch her team play in any sport—a Tar Heel born and bred. She loves to read and write in her free time. Since high school, she has known she wanted to pursue a career that involved both reading and writing. However, she has recently discovered a love for computers, so she also hopes to incorporate them into her career. She spends her free time tutoring k-5 students in reading and writing in the Chapel Hill area. She is a second-year captain of a Relay for Life team and a participant in Dance Marathon 2011. She is also the online webmaster for the Blue & White magazine based out of Chapel Hill.
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