A Breakdown Of The Collections Process

Debt, especially debt in collections, can be quite stressful. It means you’re behind on payments so probably are struggling to keep up with other monthly expenses, plus you’re probably getting collection calls. This post breaks down the collections process and what to do to regain control of your debt and finances.

ACCOUNT STATUS DETAILS

collections process breakdown

Financial Counseling

The best way to determine all of your options to conquer your debt is to meet with a financial counselor at LSS Financial Counseling. Our counselors will work with you to create a realistic spending plan and will go over your debt repayment options. A Debt Management Plan (DMP) may be a great option to deal with your debt. To get started with your free session, call us at 888.577.2227 or click to GET STARTED ONLINE.

How to deal with creditors on your own

If you’ve met with a financial counselor and you decide that it’s best to deal with creditors/collection agencies on your own, here are some tips:

dealing-with-creditors

Other Resources

For information on consumer rights and protections, here are 3 excellent resources:

Federal Trade Commission

Legal Services Corporation Law Help

National Association of Attorneys General

LSS Financial Counseling helps people every day to regain control of their finances and conquer their debt. You can do it, too! Give us a call today for your free and confidential financial counseling session. We will work with you to create a realistic plan of action for your individual situation. For more information about us, check out this financial counselor spotlight of Shannon. And read this testimonial from one of the people we served: How I paid off $48,000 in credit card debt.

*This is a general overview of the collection process and timeline, which may vary by creditor/collector. This is not intended to be legal advice.