{"id":15766,"date":"2020-09-16T15:45:27","date_gmt":"2020-09-16T15:45:27","guid":{"rendered":"https:\/\/nomoredebts.org\/?page_id=15766"},"modified":"2023-08-26T13:03:59","modified_gmt":"2023-08-26T13:03:59","slug":"how-to-communicate-creditors-debt-collection-agencies","status":"publish","type":"page","link":"https:\/\/nomoredebts.org\/debt-help\/dealing-with-creditors\/how-to-communicate-creditors-debt-collection-agencies","title":{"rendered":"How to Deal & Communicate with Creditors & Collection Agencies"},"content":{"rendered":"

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Dealing With Creditors<\/span><\/p>\n

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How to communicate effectively with your creditors along with tips and guidance.<\/span><\/p>\n

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How to Communicate with Creditors & Collection Agencies<\/h1>\n

The Best Ways to Get Creditors to Listen<\/span><\/h2>\n

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Sometimes, despite our best intentions, we aren\u2019t able to make payments to our creditors as we had originally planned. This may be due to a variety of reasons, such as a decrease in income, an increase in housing costs, or an unexpected life event like illness. Whatever the reason for your inability to make your payments as agreed, or to even make any payments at all, you have rights and responsibilities as a consumer who has borrowed money.<\/p>\n

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Creditor Harassment – Collection Letters & Phone Calls
Consequences of Late Payments & Avoiding Creditors<\/span><\/h2>\n

If you fall behind on your payments and fail to contact your creditors, they will start to send you letters asking for or even demanding payment. They may also contact you by phone. While no one wants to receive these calls and letters, creditors are allowed to contact you to ask for payment and will pursue all avenues to recover any money that you borrowed.<\/p>\n

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Collection Agency & Creditor Laws
Creditors Calling at Work | Know Your Rights<\/span><\/h2>\n

Generally speaking, collectors cannot call you at all hours of the day and night, nor can they keep calling your place of employment to confirm your employment status.<\/p>\n

Each province has exact rules governing what collectors can and cannot do. If you’d like to know what applies to your province, please contact us directly by phone<\/a> or email<\/a> and we\u2019d be happy to provide you with this information. In some provinces, if you ask creditors in writing to communicate with you in writing only, they must do so. This will stop the majority of collection phone calls temporarily, but can affect how long a creditor may try to collect from you.<\/p>\n

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Stop Collection Agency Calls – Creditor Checklist
Preparing to Communicate<\/span><\/h2>\n

Putting an end to collection calls requires some planning on your part. Below are steps to help you communicate effectively with your creditors and collection agents.<\/p>\n

Start by considering what income you do have. Include all of your current sources of income including wages, disability assistance, social assistance, a family member\u2019s or partner\u2019s income, gifts, child tax credits \/ benefits, pensions, old age security, HST\/GST refunds, etc.<\/p>\n

Related:<\/strong>\u00a0Low Income, No Income… Now What?<\/a>\u00a0and\u00a0What to Do When Facing Reduced Income<\/a><\/p>\n

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Spending, Personal & Household Budgets
Money Management<\/span><\/h2>\n

Consider all of your expenses – weekly, monthly, and seasonal. Include all of your spending \u2013 personal, living and household. Our\u00a0Money Management Basics booklet<\/a>\u00a0(budget worksheets pages 4 – 5) may be of valuable assistance to you in this process. Feel free to\u00a0contact us<\/a>\u00a0for assistance with determining your budget.<\/p>\n

Stop Repossession & Collection
Home, Vehicle, Investments & More | Consequences of Late Payments<\/span><\/h2>\n

Next, consider what assets you have that may be at risk. Do you have a bank account at a financial institution that you owe money to? If you get behind with your payments at that financial institution, they may offset money from your bank account or investment product to pay towards your debt. Do you own a home, car or truck, recreational vehicle, vacation property, antiques and collectibles, or stocks \/ bonds \/ investments? Some of these may be in jeopardy if you’re unable to keep your debt payments up to date.<\/p>\n

Joint Debts With Family & Friends
Seizure of Property<\/span><\/h2>\n

You also need to consider the nature of your debts. Are they joint with anyone? Are they cosigned or guaranteed by a family member or friend? Are they secured by real estate or property? Depending on the nature of your debts, your inability to pay may affect a family member or friend, or a creditor may want to collect on their security. Each province has laws around seizure of property \u2013 please feel free to contact us<\/a> if you’d like to know whom to contact in your area for clarification about these laws.<\/p>\n

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Sample Letter Reduced Payment
Debt Repayment Plan<\/span><\/h2>\n

Once you\u2019ve completed the 4 steps outlined above, you’re now ready to communicate with your creditors in writing.\u00a0However, before you write your creditors a letter or an email, contact us for information about where to find out about the statute of limitation in your province.\u00a0<\/p>\n

You need to provide enough information so that your creditors understand your financial difficulty and that while you’d like to pay them, you are not currently able to do so. It’s also important to include information outlining what you intend to do going forward.<\/p>\n

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Reasons for Financial Difficulty
Get Out of Debt and Keep It That Way<\/span><\/h2>\n

In order to help your creditors understand your situation, you need to outline your household income and provide proof of your situation. For example:\u200b<\/p>\n