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Debt collection happens when a company tries to collect overdue debts from borrowers. If you haven’t kept up with your loan or credit card payments, it won’t be long before your debt collector calls you. This can also happen if you have co-signed a loan or are an authorized user on someone else’s credit card.
There can be many reasons for debt, and these can include:
Debt collectors are typically third-party companies that work on behalf of the original creditor and may buy the debt from the creditor for a fraction of the original amount.
At TurnedAway.ca, we understand it can be difficult to manage your unpaid debt, and we are here to help. Take advantage of the power of your home’s equity and use it to your advantage.
Most major banks and traditional financial institutions won’t loan to a client who is in collections or has unpaid collection items on their credit report. There are still options though.
At TurnedAway, we’ve been working with lenders to help enlighten those who would like to get out of debt that one’s credit score should not be the determining factor in accepting or denying a loan or mortgage application. Instead, we believe everyone deserves a chance to pursue their financial goals, and we do what we can to ensure they get a shot at getting a loan or mortgage despite any unfavorable credit report.
The reality is that bad credit is usually the result of someone experiencing a difficult time in their lives and, given the opportunity, will work to fix it as soon as they can. No one decides one day that they don’t want to pay their bills, but oftentimes a major life event prevents them from doing so, such as:
If you want to stop the incessant collection calls, avoid legal action, or just want to get your credit back on track, we can help – no matter how bad your credit is or how many or how much you have in collections!
We can help get your creditors off your back and can even negotiate on your behalf to get you the best possible settlement. We represent your best interests and not the interests of your creditors or the collection agencies.
Your credit report is designed to give lenders an insight into your credit history and how well you manage your debt. Your credit report include certain factors lenders will look for, and these include:
Accounts that reach the collection stage are considered seriously past due and will negatively impact your credit report. But you’re not out of options! Our team is here to provide you with valuable insights and professional guidance on managing unpaid debt and help you find the credit solution that works best for you.
Generally, you’ll receive a written notification before debt collection companies contact you regarding outstanding payments.
The written document should contain the following information:
If you’re notified that your creditor is transferring your debt to a collection agency, you must contact them immediately. You may be able to:
What Happens to Your Credit Score?
When your creditor transfers the debt to a collection agency, you can expect your credit score to decrease. This unfortunate situation has many negative effects, such as:
If you find yourself with unpaid collection accounts and no solutions, there is help! At TurnedAway.ca, our expert team of mortgage specialists will work with you to get your credit score back on track!
Make sure to ask and write down these pieces of information:
You may also ask about the amount due, who is owed the money, and when it was originally borrowed.
Here’s what you must do next:
The process can be intimidating, but you don’t have to go through it alone. Reach out for help that will improve your credit score over time now.
It is your right to ask a debt collector not to communicate with you anymore? To put an end to communication from debt collectors, you may follow these steps:
It’s recommended that you have a conversation with the collector, even if you do not believe that you are indebted or unable to make immediate repayments. This will provide you with additional information regarding the debt and allow you to verify its authenticity.
To prevent falling victim to debt collection fraudsters, exercise caution when disclosing personal or financial details, especially if you’re unfamiliar with the collector. Not all individuals who claim that you owe a debt are real and some may be attempting to deceive you into giving away your money.
If you’re facing difficulties with finding solutions for your unpaid collections, it’s always a good idea to seek professional advice. Consult with a mortgage specialist such as TurnedAway.ca to explore your options and find a solution that works for you.
Don’t hesitate to reach out and get the support you need to navigate the challenges of managing your debts. With our help, you can resolve your unpaid collection accounts fast and easily. Get started today and enjoy the peace of mind from taking control of your finances. Get on with your life and live your dreams!
