373 – Your Top Collections Questions Answered by a Debt Collector!

Debt Free in 30

You asked. We answered. On today’s podcast guest Blair Demarco-Wettlaufer, CEO of Kingston Data and Credit (a collection agency), returns to answer your most pressing debt collection questions, like whether a collection agency can add interest to your debt or force you to file bankruptcy. Blair also discusses whether you should even bother with collectors if the debt isn’t listed on your credit report and many, many more of your questions! Tune in for lots of great practical advice.

Resources:

Blair Demarco-Wettlaufer on Twitter: https://twitter.com/kdcblair

Blair’s blog for information on credit and collection issues: https://receivableaccounts.blogspot.com/

Hoyes Michalos free credit repair course: https://courses.hoyes.com/courses/rebuild-credit

Hoyes Michalos blogs on dealing with collections: https://www.hoyes.com/blog/tag/collection-calls/

Rights & Responsibilities – Collection Agencies – Ontario.ca: https://www.ontario.ca/page/stop-collection-agency-calls

Episode 264 How to Negotiate with a Collection Agent https://youtu.be/ZgNWpKfBUwU

Episode 240 Can a Collection Agency Take me to Court https://youtu.be/6UHpCGqVP4k

Episode 296 Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals and Credit Report Impact https://youtu.be/S86gnBEkeUY

Time Stamps:

4:29 – Should I ignore a debt collector?

11:53 – Can debt collectors add interest or fees to a debt?

14:33 – Can a collection agency show up at my work or call my boss?

18:44 – Should I even bother with a collector if the debt is not listed on my credit report?

20:17 – Should I accept a settlement offer and pay it or don’t pay it? Will that reset the statute of limitations?

22:02 – What if you don’t have the cash to repay debt, how do you settle or negotiate?

23:55 – Can a credit collection agency force you to file for bankruptcy?

24:30 – I had to shut down my business during the pandemic. I had internet shut off and said I would pay off in payments. Now I got a collections letter directed to my business. Should I deal with the collector, and will this show on my personal credit score? 26:05 – Would a collection agency take the advice of a bank rep and ask family to repay a debt? 28:34 – How do collection agencies communicate with people who don’t have voice mail or answer the phone? 31:04 – How do collection agencies get paid?