Handling Creditors And Debt Collection Calls In Canada

Statistics show that consumer debt is increasing in Canada.

While many people are able to keep up with mortgage, rent and credit card payments, some find themselves in a situation where they can’t cover costs.

If you’re finding it tough to make ends meet, and you’ve missed repayments or bills, you could start receiving calls from creditors and debt collection companies.

This can be distressing, and it may cause you to become anxious and worried.

You might feel like there is no way of dealing with unwanted calls or messages, but it is possible to get out of this situation.

 

What to do if you’re receiving calls related to your debts

 

If you keep getting calls from a number you don’t recognise, or you’ve received from debt collectors, it’s wise to take these steps:

 

  • Ask who is calling: it’s important to figure out who is calling you and why they are trying to get in touch.Many creditors use collection agencies, so it’s beneficial to ask who the company is working for so that you understand why you are being contacted.
  • Find out more about the reason for the call and verify that the debt exists: there is a chance that creditors and collection agencies could have made a mistake, so it’s crucial to make sure that they are calling the right person and that the debt exists.Gather information about the reason for the call, and don’t be afraid to ask questions if you’re unfamiliar with the name of the creditor or the debt in question, or the details of the debtor don’t match.It is also possible that there could be a lag between payment and system updates, so if you’ve already paid a bill, for example, you might still get a call.
    If this is the case, and you’ve cleared the debt, explain that the payment has been made.
  • Understand your rights and rules and regulations linked to debt collection methods. Debt collection agencies are not permitted to use threatening language, to use intimidating behaviour or to contact friends and relatives in a bid to reclaim money. You should also never be contacted before 7am or after 9pm and you shouldn’t be harangued if you have already explained that you don’t own the creditor in question any money.

 

Managing debt

 

If you are in debt, and you’ve reached a stage where you’re getting calls from companies or debt collectors chasing outstanding payments, it is incredibly important to act quickly.

It can be tempting to ignore calls and to hope that the problem goes away, but in reality, tackling debt head-on is the best course of action.

There is help and support available and it is possible to make major improvements in a relatively short space of time.

You might think that is no way out, but there are several possible solutions that could help you to manage debts and start working towards a brighter and more stable financial future.

Seeking expert help can provide you with information and guidance to get you out of debt, but it can also be invaluable when it comes to handling calls from creditors and debt collection agencies.

When your phone rings, you don’t want to feel on edge or start panicking.

If you’re being contacted by creditors asking for money, this can take its toll on your health and wellbeing.

Canadian adults worry about money for an average of 2 hours per day.

By asking for help and reaching out, you’ll have access to measures that will improve your financial situation, and you can enjoy peace of mind.

Tackling debts may involve one of many strategies.

Firstly, it may be possible to come to an agreement with a specific creditor to pay a bill in installments or to delay a payment for a set period of time.

If this is not a viable solution, and you can’t pay your bills, it may be beneficial to explore options like bankruptcy and consumer proposal.

An expert adviser can help you decide which avenue is best for you.

 

Summary

 

Receiving calls from creditors and debt collection firms can be very distressing, especially if you’re struggling with your finances.

If you need help with dealing with debt collection calls, our team is on hand to offer advice and guidance.

You don’t have to tackle debt alone, and it is possible to move forwards.

Don’t hesitate to get in touch if you have any queries or you need guidance or support.

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