It is a situation that many Australians fall into: overspending at Christmas and then having to deal with credit card debt collectors in January or February. If you have gone into deep and the debt collectors are starting to call here is some information you absolutely need to know to help you handle it.
How to deal with credit card debt collectors
The first thing you need to understand is the process involved if you haven’t made a payment.
1. You will be charged extra interest and this will be added to your balance.
2. You will have to pay extra fees for not making a payment.
3. A debt collector will be assigned to your account.
4. The bank will assign a professional debt collector if the collectors from the bank weren’t able to get the money. You will start getting more calls and they can get quite aggressive.
If you do not repay your money on a credit card the company has the right to try to get its money back. They are allowed to make contact with you during reasonable hours and in reasonable ways. If they are not able to make any progress they can sue you and even start bankruptcy proceedings against you, so you need to deal with credit card debt collectors whether you like it or not.
Your rights
You do have rights in this situation when you have to deal with credit card debt collectors, and here are some of them.
