There are many more cons than there are pros when it comes to ignoring debt collectors. And while ignoring your debt collectors’ constant calls, texts, and emails can be tempting, it is unwise to delay the inevitable and can significantly harm your credit score and long-term financial livelihood. Here are a few of the drawbacks, penalties, and consequences you may face if you continuously ignore a debt collector.
What Happens When You Ignore a Debt Collector
1. They Won’t Leave You Alone
Debt collectors only get paid when you pay off your debts. Therefore, there is obviously a large incentive for them to get ahold of you. They want to get paid and you’re going to have to pay them eventually. However, you can sometimes get a debt collector to stop their relentless pursuit to get in touch with you if you send written request under the Fair Debt Collection Practices Act (FDCPA).
2. You Will Tank Your Credit Score
Creditors will report delinquency to credit bureaus and won’t stop until you pay off your debt. This can destroy your credit and severely limit your ability to qualify for future loans, apply for credit, or make large purchases in the future like a car or a home. That is why it is so important to face the music, work with your creditors, and act as quickly as you can to pay off your debt.
3. You Won’t Learn About Your Debt
You are allowed to request validation of your debt under the FDCPA. If you ignore your debt collectors, you won’t be able to verify if your outstanding debt is even legitimate.
4. Your Debt Will Increase
While you ignore your debt collectors, you will still gain interest on your debt until it is paid off or settled. This means that the longer you neglect your debt, the bigger it will get.
5. You’ll Miss Opportunities
By ignoring your debt collector, you might miss the chance to settle your debt. Debt collectors might be willing to negotiate with you so that you can pay less than what you owe. However, ignoring your debt collector won’t accomplish this because you won’t be able to even start negotiations, talk it though, or reach a deal.
6. You Can Be Sued
If you continuously ignore a debt collector, they can sue you. If you ignore their lawsuit, then your wages might be garnished by collection agencies. They could also go after what you have in the bank. This is a huge reason not to ignore your debt collector.
Get Professional Relief from Debt Collectors
Progressive Debt Relief can help you negotiate your outstanding debts. We have established relationships with many of the top debt collection agencies and can not only get them to leave you alone, but we can negotiate with them on your behalf to settle your debt for good. For more information or to schedule a discrete, speedy, and complimentary consultation, contact us for a free consultation today.
