Key things to know before talking to a debt collector.

Before discussing the debt, jot down the date, time of the call, the company, and the agent’s name. Verify the original lender and the amount you owe. You have the right to request a verification of the debt before agreeing to any payment arrangement.

Can a debt collector lie about my debt?

It is illegal to lie. However, that does not prevent some collection agents from making false statements. It is not uncommon for an agent to become evasive to remain honest when asked a question that will disclose your consumer rights.

What should I never say to a debt collector?

You can say many things to give creditors more power and dimmish your legal protections. For example, creditors have a limited time to take you to court. Simple things such as admitting you owe the money, agreeing to or making a payment, or making certain statements can extend the time a creditor has to sue.

January 2022

25 Jan

What NOT to Say to a Debt Collector

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REPRESENTATIVE EXAMPLE OF APR

For example, a $30,000 loan with a 4.99% APR over 5 years (60 months) would result in a monthly payment of $566, with total interest paid amounting to $3,959.97. This could save you thousands in interest compared to higher-rate debt.

ANNUAL PERCENTAGE RATE (APR)

Annual Percentage Rate (APR) represents the annualized interest rate you are charged for borrowing. It is the combination of the nominal interest rate and some additional costs such as fees involved when incurring debt. Our lender offers APRs for personal loans, cash advance loans, installment loans and debt consolidation loans from 4.99% to 35.99%. Since New Start Capital does not directly issue loans, we cannot deliver any specifics or guarantee the APR you will be offered. The APR depends solely on your lender’s decision, based on various factors including your credit score, credit history, income, and some other information you supply in your request. For more information regarding the APR contact your lender.