Debt Cures by Kevin Trudeau - Book Reviews of Chapter Nineteen
March 9th, 2008 | by admin |Debt collectors are lurking out there, waiting for you to get so far behind in your payments that they get a call from the credit card companies to move in and put the squeeze on you. Kevin Trudeau says that he knows the way to stop debt collectors cold. If you are being harassed by debt collectors you will want to make sure that you read chapter 19 of Trudeau’s Debt Cures.
Debt collectors have two ways that they make money, and both involve getting you to pay them. The first is when the card companies ask the collectors to get money from their customers on current debt, the debt collectors will then receive a large percentage of the money they bring in. Often, the card companies will sell their oldest debt to collectors, the collectors are paying pennies on the dollar and whatever money they get is nearly all profit. Under either system, the more money the collectors get, the greater their profit will be and the higher the commissions for the people doing the dirty work.
Many people have been put through trauma by debt collectors, but Trudeau says once you know your rights, you can fight back successfully. Of course the best defense is not falling behind, but that may be too late at this point, so Trudeau says he will equip you to fight back.
One of the few steps the federal government has taken to protect you (the consumer) is the Fair Debt Collection Practices Act initially passed in 1977. Trudeau goes through the rights granted to you in Debt Cures. A few that you might not be aware of include your right not to receive any collection calls after 8PM your time, that they cannot contact you at work without your permission, and that they are not allowed to talk to anyone but yourself. Check the book to get the details on these and other tips.
Collectors are trained to be aggressive and many are not afraid to lie or bend and break the rules. Trudeau says the first step you should take is to write down notes of any calls you receive or call backs that you make. Tell them to only communicate in writing and not call back. Make sure you keep your notes and copies of any communication you send to the collectors or anything you receive from them. Don’t fall for their intimidation tactics. Remember, you have power to act against them.
Remember the financial statements Trudeau talked about earlier in the book? Use them again if a collector calls you. If you are not able to pay, and the debt is valid (yes, collectors will try to collect debts you never had, or debts past the statute of limitations) you may need to negotiate with them. They will try to bully you, but don’t let them. You might be surprised at how quickly they back down if you act professionally and provide them with the facts. Respect yourself; you have a much greater value than people who make their livelihood off of others who are suffering. Debt Cures shows you how to arm yourself with information so you can escape the nightmare of collection calls.
