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Beware of False Debts

By: Michael Millington

Having a debt collector call your house can be a harrowing experience. Making sure it doesn’t ruin your life can be important to your future. However, it is just as important to know which debts are real and which are not. Fake debts exist and can be just as detrimental as real debts. It’s important to know how to deal with fake debts as they arise so they don’t have a long term impact on your finances.


First: Don’t Panic

False debts don’t exist, but those who look to collect on false debts will do everything in their power to make you believe that they are real. Since these collectors aren’t legitimate, they do not have to abide by the same rules as real collectors. Most people become frightened at the concept of being pursued by debt collectors. False collectors can use this inherent fear to their advantage, forcing you to pay whatever they say you owe. Don’t panic. Keep your wits about you and remember, you hold all the power with debt collectors.


Second: Confirm the Debt

Once you have your feet on solid ground, be sure to demand a written acknowledgement of the debt they say you owe. If the debt is legit, they would be able to provide proof of its origin in written form. False collectors tend to gloss over much of the “facts” of debts they try to collect on (where the debt came from, exactly how much is owed) and will rush to get you to confirm a payment of some sort.


Third: Know Your Rights

The most important thing you should know is what your rights are when dealing with such entities. If you fail to put your foot down with false debt collectors, chances are they will continue to bother you. It is important to make false collectors aware that you know the debt doesn’t exist and that if they continue to harass you you have the ability to report them to the authorities. Remember, you hold all the cards.