In our younger days, we’re prone to make mistakes with our money, especially if no one taught us proper financial management.

This can mean owing money on a credit card, paying interest off for years at a time. Or worse, defaulting on a card or account and – oh, great – you’re being harassed by a collection agency.

When your account is sent to collections, a collection agency buys your debt from the creditor (that’s whoever you owe money to) at a rate lower than what you owe. Their job is to collect that money from you directly to make their money back – and a tidy profit.

And these people can be relentless in their efforts to get the money from you.

From straight-up stalking, constant calls, and sometimes illegal tactics, some collection agencies will stop at almost nothing to get their way.

Sometimes you can get them to settle your debt with them – which means they’ll take a hit on what you owe in exchange for you paying a portion of it. 

They close your file once your debt’s paid, but you had a defaulted account. That blemish will show on your credit for several years and limit your ability to get approved for future credit opportunities.

If you’ve got collectors barking at your door and don’t know what your options are, we may be able to help with figuring out a plan of attack. Give us a call at 513-563-PLAN (7526) or go online and book a free 15-minute consultation.