You have just been contacted by a debt collector, you remember it was for an old credit card or loan, but you don’t recall the exact amount. So you ignore it.
A couple of months pass and you are receiving calls to your mobile all day and letters have started to arrive. The sales agent (paid commission) on the other end of the line, states you owe twice as much as you thought the debt actually was.
Sitting at work you begin to stress, until payroll contact you and say a debt collector has contacted them looking for you and you owe $24,000!?
Furthermore, if you don’t pay, they are going to seek a garnishee and start taking 70% of your wages.
There is no hiding now, at home, in bed, at work and in fact anywhere, the harassment is borderline abusive.
UPDATE 09/10/19- Click Link for story – I have just beaten Lion Finance and CLH lawyers for a bullied consumer. $35,000 debt and they were threatening bankruptcy in court.Entire debt dismissed and credit file cleaned
Now is the time to plan a strategy on how to beat them.
Get rid of the Debt Collection company ASAP
I spent 12months of researching commonwealth consumer protection laws, ACCC and ASIC guidelines, I decided to challenge them on 23 key points. Now I started this website to help people feeling trapped and bullied with nowhere to turn. I will gladly help you beat them too, send me an email using the ‘Contact Us‘ form on the right hand side of this page, tell me your situation and Ill help as many people as I can, or simply Click Here
How much did they buy the debt for?
Debt Collection agencies have contracts with creditors/lenders. All the bad debts the banks could not retrieve, are sold in bulk to the agency. 1000’s will be bought at a time, for around 5c in the $1. So they might pay $50 for a $1000 debt. They will also add on interest and charges, meaning your debt could be 3 times larger than the initial debt owed to the bank.
Sales staff will convince you to enter a payment plan, that means you effectively only pa the monthly interest charges and the actual debt never reduces.