Skip to main content

How to deal with debt collectors/creditors

Debt should only be taken for something that will yield you income, debt can also be taken if thats the only way you will be able to sustain yourself. I always say that you should always pay your debt as soon as it is due but I do know that in some situations an individual or an organisation might not be able to pay their debt back due to financial difficulties. When this occurs do not avoid the debt collectors or creditors cause when you do that they might think you have the money and do not want to repay the debt back. This could lead them to start taking actions against you, as such you should let them know about your financial difficulty. 

Before I go on, I am going to let you know actions that debt collectors/creditor are not allowed to do. First of all, always make sure you do not deal with interest, it is bad for you. They cannot call you before 8am and after 9pm except you have given them the permission, they cannot call you when you are at work once you tell not to do so, they cannot use offensive words, they cannot call you repeatedly. Thus, if any of these should occur you must let them know actions will be taken against them if they do not desist from taking such actions. All creditors are human beings, thus if you handle the situation well you could be able to buy more time. You should read my previous article on dealing with debt. It could provide you with ideas on how to clear your debt. 

Based on the views of researchers, most creditors or debt collectors will turn you down when you try to change your payment date. However, with proofs like your wage slips, proof of other sources of income, existing expenses and when existing expenses will reduce in order to be able to pay your debt, you should be able to persuade them to give you more time. Researchers say you will be able to get at least 3 to 6 months worth of time. In other words, let them know about your financial difficulty and how you plan to get out of it in order to be able to pay your debt when the additional time given is up

If you have different debts and they are all due for payment you can prioritize them, creditors which whom you signed a contract that has stringent terms should be paid first with any spare money you have. Debts that are not of high priority are overdrafts, unsecured loans, credit card accounts, money borrowed from family and friends and other debts. You must let your creditors whose cost of not paying their loan is low know about your financial situation and you must let them know you will pay them as soon as you pay the creditors whose consequences are higher.

Debt collectors or creditors are not permitted to treat you unfairly even if you owe them money. Some might even make you think they have legal power than they actually do. If debtors try to take your properties to sell them when you have not signed any contract that gives them such power you must contact the financial ombudsman in the UK , find similar bodies in your country if you do not reside in the UK.  

Keep checking my blog regularly, cheers!


Popular posts from this blog

Work-life balance: all should attain it

Hello readers, today I will be writing about work-life balance. According to, work-life balance "is a comfortable state of equilibrium achieved between an employee's primary priorities of their employment position and their private lifestyle." All work and no play makes Jack a dull boy, thus, you should find a balance between work and play. Here are some tips to help you achieve it.
1. Do not check your email (work) after working hours, this will help improve the quality of time you spend with your family and friends. Thus, you should not be distracted by work when spending time with your family and friends. 
2. When you decide to improve the situation of your work life balance, take it one step at a time. For example if you do not get to spend time in the evenings with your family during the week days due to coming back late from work, you should decide to spend one day a week and gradually increase it to two and then three till you get to spend the…

Eid Mubarak

The world of competence

Hello readers, it has been a while. Hope you did not miss me much, the good news is I am back now. Today, I will be writing about competence.
Competence is the ability that enables a company or an individual to deploy its resources effectively. It is neccessary for a company to have a competence target in all its business activities so as to deliver value to its customers. This will help create a competitive advantage for the company.
Competencies must provide value to customers. It must be unique or able to develop greatly or be better than that of competitors. New products and services must be able to be developed as a result of the competence. It must be difficult for other competitors to obtain or imitate.
Continually producing high quality products can make a company become a market leader (which is a core competence) as it provides a company with a competitive advantage. With high quality, higher prices can be demanded by the company from customers and the company will also be able…