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Debt collectors love to put the squeeze on debtors. You may think you have no money to payoff the debt, but the debt collectors always seem to differ. Debt collectors love to put the pressure on you to pay up. You’ll receive call after call, collection letter after letter explaining to you that you need to payoff the debt. When you talk to the debt collector, they always expect you to pay obscene amounts; the amounts make you think that if you had that amount to pay, the debt would have been paid off and you wouldn’t be having this collection call in the first place. The debt collector almost always expect you to make monthly payments; but here’s the catch, the monthly payments are using one-half (1/2) to one-sixth (1/2) the balance due. Again, you think, if I could afford this monthly payment, I wouldn’t be in debt in the first place. The whole process can be a cynical laughter.

If you truly do not have the funds or assets to payoff the debt and you receive a letter from a collection attorney stating that legal action will be taken in a certain number of days, then I suggest that you make copies of checking and savings account statements, car loan installments, current credit card bills, etc and send to the collection attorney. Check the writ of garnishment laws in your state to see if your wages are exempt. Send this information to the collection attorney with a letter stating that it’s truly in their best interest not to waste their time taking you to court and list the reasons why. For example, state: you have copies of my checking and savings account and you can plainly see I have minimum funds in my account; you have a copy of my auto installment loan and the most current auto installation statement and you can clearly see I have no equity in my car; the law states that my wages are exempt from garnishment; I have no stocks or bonds of value; you have copies of my tax returns and you see I get no large tax returns or you’ll have to collect eight (8) years of my tax return refunds to payoff this debt.

Often the case, your past due account has been sold to a third-party and forwarded to a local attorney; let this attorney know that aggressively pursuing you in court will truly be a waste of time, effort and money. Note, this tactic may not be in everyone’s best interest.

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