What to Expect When Your Debt’s in Collections

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Did you know that 29% of New Jerseyans have a debt in collections? That’s a pretty significant number, and if you happen to be in that 29%, there are some important things you should know about what to expect.

If you’re being hounded by one or more debt collectors, the very first thing you need to do is make a plan. Before making any moves toward getting out of debt, you have to figure out:

  1. How far in debt are you?
  2. What are your monthly obligations (other than the debt)? and
  3. What is your monthly income (and can you make more)?

After you’ve taken a good look at your current financial obligations and income, you’ll have a better idea of how much you can afford to put toward paying back your debts. Naturally, you’ll want to put all of your efforts into paying off one debt at a time, which is known as a debt snowball. Focus on any debts that have been sent to collections first, because these are the ones that are affecting your credit the most, and if not resolved, will eventually affect your ability to buy a home or take out any other loans. Long-standing overdue debts may even prevent you from getting hired or promoted.

Going it Alone

It is possible to negotiate with collections agencies yourself, but it isn’t going to be pleasant or easy. As you may have already experienced, the people who are employed by collections companies are trained to get as much money out of you as possible. They are usually extremely aggressive, and can often manage to talk you into an agreement that you realistically can’t fulfill.

Asking for Professional Help

Turning to an experienced New Jersey attorney who specializes in debt relief services will make the whole process much less painful. Believe it or not, by hiring an attorney to help you organize your debts,  you’ll actually end up spending less money in the long run. How is that possible? After all, don’t attorneys charge outlandish fees?

As it turns out, not all attorneys in New Jersey want to overcharge you. Some actually want to help people like you, and have a reasonable flat fee or hourly rate that will not see you dipping further into the dark recesses of debt.

George Veitengruber, Esq. is one prime example of a debt relief attorney in New Jersey who prides himself on helping people turn their financial lives around. He even offers a free consultation to anyone who mentions this blog post! (You can also ‘like’ Veitengruber Law on Facebook for a free consult).

Sitting down with a professional is the perfect way to lay out all of your debts, expenses and income. You’ll have a second (highly trained) pair of eyes working with you to create a plan that WORKS.

A real plus of working with a professional in debt relief is this: Your attorney will do all of the negotiating for you. This means you won’t have to make any nerve-racking phone calls which will lift a huge weight off your shoulders. Yes, you will still be financially responsible for the plan that your attorney negotiates for you, but he will give you expert guidance along the way, helping you to decide the most effective plan of action.

Finally, the best reason to hire someone to help you eradicate your debts is that he has the experience and practice in negotiations needed to bring the total amount of your debts DOWN. He’ll do all the work, and you’ll still pay LESS than if you dealt with the problem on your own.

Call today and set up your free consultation. (732) 695-3303. You won’t be sorry you called. 🙂

Image credit: StockMonkeys

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3 Responses to What to Expect When Your Debt’s in Collections

  1. Pingback: Is There a Statute of Limitations on My Debt? | Veitengruber Law

  2. Pingback: Are Money Worries Making You Sick? | Veitengruber Law

  3. Pingback: Collection Agency vs Original Creditor: Who Should You Pay? | Veitengruber Law

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