stop collection callsIf you’ve ever received calls from a bill collector demanding money, you know how stressful they can be. This is especially true when you don’t have the money to pay the bills. Bill collectors can be relentless when it comes to collecting their money, and it’s difficult to stop collection calls without actually paying the money needed to bring your account current.

However, it’s still possible to stop collection calls with these tips:

Make a payment arrangement.

One way to stop collection calls is to set up a payment arrangement with your creditors. Many creditors will arrange for you to split up your bill into more manageable payments. For example, let’s say you need $200 to bring a credit card current but can’t afford the full amount until your next payday. You call the credit card company and make an arrangement to pay $50 now and the remaining $150 when you get paid in a week. Most companies are willing to stop collection calls if you stick to your payment arrangement.

File a consumer proposal or bankruptcy.

If your creditors won’t work with you, or if you can’t afford to bring all of your accounts current, the only ways you can legally stop collection calls altogether is by filing a consumer proposal or bankruptcy. These are both prepared by a bankruptcy trustee.

A there-any-way-stop-collection-calls consumer proposal is a legal agreement between you and your creditors. Your trustee negotiates with your creditors to settle your debts for less than you owe. Instead of making multiple payments to different creditors, you make one monthly payment to your trustee. Consumer proposals are usually paid off within five years.

With a bankruptcy, most of your unsecured debts are completely discharged, meaning you are no longer responsible for them. However, with a bankruptcy you agree to turn some of your assets over to your trustee, who sells them and uses the money to help repay your creditors.

When you file a consumer proposal or bankruptcy, your creditors are no longer allowed to contact you and attempt to collect money.

Collection calls only add to the stress of financial problems. If you want to stop collection calls, you do have options. You can contact your creditors directly and set up a payment plan, or you can contact a bankruptcy trustee. A trustee can help you decide a consumer proposal or bankruptcy would be the best way to put an end to collection calls.

About - David was initially drawn to accountancy because he was ‘good with numbers’. He has been an insolvency professional since 1993. Soon after he began to work with debt issues he discovered that the most satisfying part of his role was the ability to make a positive difference in other people’s lives. It is the person, not the numbers that continues to guide his approach toward helping others deal with debt issues.