as John A. said below, FIRST give them a copy of Dave Ramsey's book and help them follow it AND pay their debt down. That's probably the best gift/help you'll ever give them.... but in the mean time......
as others have said have them do a little homework on "fair debt collection act". Most collection agencies (CA's) are scum (I'm not talking about creditors that do their own collections). There are legal things that the collectors must do (prove the debt for example with the 1st contact which most of them do NOT) AND unless its in your contract with the original creditor the collection agency can NOT collect ANY fees or interest OVER the amount you originally from you. (again do your homework). If the CA does something illegal it might ?? change their rights...I don't think it will negate your obligation but it might?? give some room to breath/negotiate ect. AND call your state's attorney general. In Indiana they must be licensed to collect here (even if they are from out of state) and they won't want to loose their license (and many of them do loose them). If they are not licensed they can not even contact you for ANY reason (Indiana).
I'm NOT suggesting you use legal means to get out of the debt but they must follow the rules too. Its tough enough without being harassed.
We had one call because I forgot to pay a hospital on the payment plan 1 month (dumb #@$(* at the hospital, 1 month??! they've lost more business $$ because of that). I ended up paying the hospital and never heard from anyone again. Nothing on the credit report either. DOn't know if that always works or not. (do your homework).
BEST Thing is to call your creditors before trouble hits. Usually once it hits the CA the debtor has sold the account for pennies on the $ but this isn't always the case. They legally have to tell you if it was sold or if the CA is working on commission or fee on the $ actually recovered. you can find that out from the creditor as well. (DO your homework) if on commision you may still have some room to work with the creditor. ???? i'm not a lawyer or have the best finances but Dave Ramsey's book helps. ... do your homework... good luck!
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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