Will Debt Settlement Stop Collection Calls?
Debt settlement is a strategy that involves negotiating with creditors to reduce the total amount of debt owed, usually to a lump-sum payment. However, one common concern among individuals considering this option is whether it will halt collection calls from creditors and collection agencies.
Understanding Collection Calls
When you fall behind on payments, creditors often resort to persistent collection calls. These calls can be stressful and overwhelming, but knowing your options is essential.
How Debt Settlement Affects Collection Calls
Entering a debt settlement program may not immediately stop collection calls. Initially, you may still receive calls while negotiations are underway. However, once a settlement is agreed upon and payments are made according to the new terms, creditors are typically less likely to pursue further collections.
Legal Protections
Under the Fair Debt Collection Practices Act (FDCPA), you have the right to request that collectors cease communication. By notifying them that a settlement is in progress, you can potentially reduce the frequency of these calls.
Consider Professional Help
Working with a qualified debt settlement company might also help in managing collection calls effectively. These professionals can communicate with creditors on your behalf, potentially leading to a quicker resolution and less stress for you.
Conclusion
While debt settlement may not provide immediate relief from collection calls, it can lead to a more manageable debt situation. It’s important to understand the process and consider seeking professional advice for the best outcomes.