Have you ever received a letter from a company you’ve never heard of, demanding payment for an old medical or utility bill? Or a scary letter listing a debt owed to a company you’ve never heard of like Midland Funding, LLC or Portfolio Recovery Associates? When you are unable to maintain payments on a bill, it often gets sold to a debt buyer and/or sent to a collection agency who uses tactics to get you to pay.
And of course, it’s not just letters. For each separate company comes threatening phone calls and negative notations on your credit report. Debt buyers may contact you to collect the debt, and they may also hire a separate collection agency to collect the debt. So you can receive multiple bills from different entities, all trying to collect on the same debt. All of these collection attempts can increase one’s anxiety and shame felt when bills pile up.
The first step when you get correspondence like this is to always open it. Ignoring the issue will only make it worse. Then you can request verification of the debt to make sure it is a valid bill. There are unfortunately many scams out there, so if you do not recognize the bill make sure to request proof. All communications should be in writing and retain copies of anything you receive or send.
If the bill is valid there are options. You may be able to settle the debt for less than the total or get on a payment plan. When you have more than one outstanding bill, make a list of all of your debts and examine your budget to see what you can afford to put towards your debt each month. There are different strategies for tackling debt, based on your specific goals and circumstances.
If the amount of debt owed is substantial and it seems impossible to afford payments towards your debt, it is time to talk to a lawyer about your options. Contact our office today and we can schedule a time to review your options. Call us at 508-655-3013 today.
Ravosa Law Offices, PC 