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Since falling behind on their bills creditors are getting aggressive with multiple calls and questionable tactics -- as they ramp up efforts recovered that.
How should -- as the consumer responds.
Let's talk to Dave Ramsey is a host of the of the Dave Ramsey show on the Fox Business -- he joins us live right now from -- the -- you -- Good morning it's good to be the not financial -- monotonous no -- stuff -- Yeah are funny they we've got an email from people first up a -- from Missouri has this quandary.
I've written several creditors to let them know how much I was going to pay on the accounts and when it.
They've all except in my letters and have responded with the exception of the furniture store it is forwarded my -- truly local law firm for collections.
Now what are my options man asks.
Well law firm -- those collections usually will negotiate with you they're used to working with folks and the good news there -- you're dealing with intelligent life most people who passed the -- fairly intelligent.
And so you'll be able to talk through this and you'll know exactly where they stand now they may pull the trigger on here you may have a lawsuit coming if you don't come up with a payment plan to settle with them so it's going to be a tough negotiation.
But us some personal communication on the phone very quickly is what is an order right.
-- we have written two letters it comes Bob from Montana race to two letters to capitol one of our situation.
Our program -- -- plan and when they can can contact us they call it all hours of the day leaving messages on our phone.
Is this considered harassment is there anything we can do.
To do to put a stop to all this what can you do.
Well you just gotta know that they're gonna turn up that he Capital One is one of the major credit card companies and they pretty well all of them break federal law on a daily basis.
Federal law states according to the federal fair debt collection practices act that they can't call you except between 8 AM and 9 PM your time.
And they can't call repeatedly through the day that is harassment however they can do that or pretty regular basis.
And so record the calls and get -- call waiting are -- call.
Caller ID maybe call block and then you do need to talk to them about once every two weeks and other than that if I -- to get your on the phone just teach them about about -- Let's take a look at what lives wants to know from you from Texas by talking with a collection agency I brought him on diet oh down from 14400.
I'm prepared to make that lump sum payment.
How -- -- go about doing this with a collection agency while making sure that the original credit card and we'll not come back to me for the difference.
Well I've got an -- attorney for in the says if it's not in writing it never happened.
Then so be sure you get this in writing and staple a copy of your checker your money order where we used to take them with -- that.
And keep it in a file for the rest of your life because it's very well may come up again it's not unusual in this day and time to have them attempt to collect on a -- that you've already settled.
So you must have it in writing and you must keep a copy of it forever endeavor men.
Great great advice stayed as always from.
Wanted to be with you this morning.
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