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There are a lot of myths and misconceptions about debt collection. Some people believe that debt collectors are sharks who will do anything to get their hands on money owed. Others think that debt collectors are always fair and reasonable, and will work with you to come up with a repayment plan. The truth is, debt collection is a complex process, and there are a lot of things that go into it.
In this blog post, we will dispel some of the most common myths about debt collection.
Top Debt Collection Myths Debunked
Myth # 1
Debt collectors are always trying to scam you
The truth is debt collectors are only allowed to collect money that you actually owe. They cannot make ideal threats or make false promises in order to get you to pay up. If a debt collector is behaving inappropriately, you can file a complaint with the Financial Ombudsman Service.
Myth # 2
You can just ignore debt collectors and they’ll go away
If you ignore debt collectors, they may eventually give up and stop trying to collect from you but that certainly is not the case at My Debt Recovery. However, this doesn’t mean that your debt will disappear. The creditor may still take legal action against you, and you could actually end up owing even more money.
Myth # 3
Debt collectors can take your property or garnish your wages
If you owe money, a debt collector may be able to take some of your property or garnish your wages. However, they can only do this if they have a court order. Debt collectors cannot just show up and take your stuff!
If you’re being threatened with wage garnishment or having your property taken, you should seek legal help.
Myth # 4
If I ignore my overdue invoice, the customer will eventually pay it out of goodwill
This is one of the biggest myths about debt collection! If you ignore an overdue invoice, the customer is not going to suddenly have a change of heart and pay it. In fact, ignoring an invoice can actually make it harder to collect.
The best thing to do when you have an overdue invoice is to reach out to the customer and try to work out a payment plan. If you’re not able to do that, you can consider hiring a debt collection agency.
Debt Collection Process
Debt collection is a complex process, and there are a lot of things that go into it. Typically the process is straightforward but depends on your case and circumstances, which is why it’s important to reach out for support if you’re struggling to get paid.
We hope this blog post has helped to clear up some of the myths about debt collection! If you have any questions, please don’t hesitate to contact us. We are here to help!
