Many times you find that it is very frustrating when a debt collector constantly calls you insisting that you pay your debt. You either do not owe the debt or you find that your situation has changed and you are not able to pay your debt at the present time. What can you do? There are several options that you are able to do to help your situation.  

What to do when you do not owe the debt

The first thing to do is to check out your credit report from the three major credit collection agencies in order to determine if there are other accounts out there that you did not make. Identity theft is one of the most common reasons that you end up in collections before you even realize that you owe a debt. It is not your fault but you do have to resolve the problem nobody will do it for you. Then you should notify the three agencies and the debtor that this is not your debt and you are not aware of making this charge. The lender will then have to send you proof where you signed for the bill and how much you actually charged. You should take the information to your local police department reporting the incident. You can then send a copy of this to your lenders and to the reporting agencies. You will need to cancel those cards immediately! You do have a right to ask the debt collector not to call you and harass you as this is not your debt. Notify the lender that you will be taking care of the matter as soon as you possibly can.

What to do when you owe the debt but are not able to make payments

You should notify the lender when your financial situation changes because of your circumstances such as loss of employment, sudden emergency that is costly or other event then you should immediately notify your debtor to make payment arrangements. Often you are able to ask for a time period off in order to take control of your financial situation. Many times the debtor will ask you to pay the interest until you are able to resume making the full payment. You can make pay arrangements much easier if you notify the debtor before you find that your bill is overdue. The debtors are more willing to work with you if they know that you are trying to make a pay arrangement.