Fraudulent debt settlement companies have created a huge mess that genuine companies have to clean up.
One very common promise that fraudulent companies make is that all calls from collection agencies will come to an end the moment negotiations start.
That is definitely not the case.
Calls from collection agencies will stop only when your settlement is finalized.
It is only when things are written in black and white and the lenders signs on the dotted line will troublesome calls stop.
What should one do if the calls do not stop even after the settlement has been finalized? The first thing that you should check is whether you are paying the remaining amount on time.
No lender will offer more than a seventy percent waiver.
This means that you will have to repay the remaining thirty percent as per the terms and conditions of the settlement agreement.
If you do not make this payment on time, you can expect the lenders to take very strict action.
Not only have they reduced your debt by 70 % but they have given you another twelve to twenty four months to repay the balance.
If you still default on your loan, you cannot escape being troubled by calls from collection agencies.
If you are making repayments on time but still are getting calls, then this is a case of a miscommunication between the lender and debt collection agency.
The lender has probably not informed the agency that the settlement has been finalized.
You can either approach the lender or the collection agency with a copy of the agreement.
Nine out of ten times, this should be enough to stop all calls.
If the calls do not stop, you can approach the appropriate authority for relief.
If you have not finalized the settlement agreement in writing and collection calls continue, this is proof that the settlement has not been finalized till date.
If your company claims that the deal has been finalized, then insist on written proof of the same.
Do not hesitate to take legal action if the company does not offer any written proof of settlement.