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They play with your emotions, tapping into your existing fears and stigmas about debt collection. Agents can simply imply threats, and that’s often enough to prompt payment, such as threatening to call your employer and set up wage garnishment arrangements. This letter is allowed by the Fair Debt Collection Practices Act.
Creditors and collections agencies have continued to signpost customers towards independent and free debt advice throughout this period, and with StepChange Debt Charity marking the week of 22 March as ? with creditors and collections agencies to the wider public on a larger scale. early engagement?
Secondly, during tax season, many creditors will offer incentives and discounts to encourage individuals to repay their debt. Lastly, creditors may be more willing to negotiate payment plans and lower interest rates during tax season due to increased competition among lenders and increased consumer confidence levels.
It's always a good idea to call your lenders right away to discuss what might be done to rearrange your payment plan or delay payments until your finances are back on track. Are collectionsagents calling you all the time? If the next time rolls around and you still can't make a payment, it's cause for concern.
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