What to Do When Your Debt Goes Bad

What to do when good debt goes bad and starts to cause problems.

Debt isn’t bad by definition. It can be a really good thing and a pivotal financial tool that helps you reach your goals. But when things go wrong, they tend to go really wrong. You’re dodging calls, juggling bills, using any stopgap measure you can find to stay afloat and all the while, worrying about the very real chance that a collector might actually take you to court.

So what do you do? How do you get ahead – or at the very least, get out of the impossible situation that you’re in?

The information below is designed to help you understand what happens when your debt goes bad and your creditors write you off as a lost cause. We explain how past due debt works and review your options for eliminating these albatross so you can start to move forward. If you need help with past due debt or the collection calls that come with it, we’re here for you. Call us today at 1-888-459-5452 or complete the form to the right to request help online.

5 tips for handling collection calls

Don’t let collectors run the show when it comes to talking about your past-due debt! These five tips will help you control the conversation so you can minimize the stress of having a debt in collections, while making a plan to get back on track and move forward as quickly as possible.

The unsettling truth of debts that can’t be settled

Debt settlement programs can be a good way to solve debt problems with certain creditors and lenders, but it doesn’t work for just any type of debt that you have. We draw that line in the sand to help you understand which of your debts can’t be settled and which can so you can plan.

Creditors vs. third-party collectors

Your rights are protected during the collection process, but the law only applies once the original creditor has written off your debt as a loss and sent it to collections. Learn how your actions should differ when you’re dealing with a creditor rather than a third-party agency.

Dealing with delinquent credit card debt

Have an account you haven’t been able to pay lately? If so, then the clock is ticking to debt with the debt before it lapses into charge-off status and gets passed to a third-party collector. We help you take two steps to establish an effective plan for addressing a past-due credit card debt.

What is a debt buyer?

Debt buyers are big news in the collection industry these days – risk-taking investors and organizations that take on whole portfolios of bad debt, attempting to collect to turn a profit. Here’s what you need to know and how an uninformed debt buyer can be good for your bottom line.