Don’t Let Debt Collectors Overwhelm You

The Pandemic has made it difficult for many people to stay on top of their bills. Debt collectors are calling folks who never thought they would find themselves in that situation. At Galler Law, we help people every day get out from under the burden of debt collection. We can provide a debt settlement attorney that can help guide you through the process.

What are the Stages of Debt Collection?

There are thousands of debt collectors in the U.S, and they profit by purchasing debt from the original lender. They pay much less than what is owed. They then try to collect the full amount from you. There are several steps to the process. They include:

  • After 30 days of no payment, your debt goes into the lender’s internal collection department, and you are considered delinquent.
  • When several months go by, it goes to a 3rd party agency
  • If the above doesn’t work, the debt is sold to a different collection company.

The third-party agency receives a commission if they manage to collect the debt, which differs from the revenue made by the collection agency.

To prevent any account from going delinquent, contact the company and let them know your circumstances. With the Pandemic, many are more receptive to working with you. If you are so deep in debt, you can’t see any way out, give Galler Law a call. A debt consolidation attorney may be able to help you recover.