Debt Collection Advice from the Inner-Circle

 “We have nothing to fear but fear itself…” 

 Right now many Americans are afraid each time the phone rings or the mail man knocks.  They are afraid because they may owe money that they are unable to repay and they do not know how to deal with the creditor or their hired enforcer, the collection agency.  Though it was not their intention to default or to go into arrears, people need solutions that will enable their financial survival and to insure the future of their family.

My name is Patrick Ingegno and, for better or for worse, I have spent my professional career on the other side of the desk.  I have managed large staffs of collection agents for credit card issuers, auto finance companies and a variety of consumer and commercial lenders.  I am an MBA and certified paralegal.  I know that there are certain things that you can do to protect yourself.  I know this because I have managed multi-million dollar portfolios of accounts, both secured and unsecured.  I know that there are things that can be done that many in the business would rather that you do not know.

Fortunately, there are laws in this country that govern what a creditor or their agent can do in order to attempt to collect a debt.  A credit card issuer or a collection agency cannot seize your bank account, garnish your wages, and repossess the merchandise that you purchased or attach your home without getting a court ordered judgment against you.  A judgment cannot be issued unless you are served with a summons and complaint which gives you the right to your “day in court” and requires the creditor to prove their allegations! 

There are many steps in the process before a creditor will spend out-of-pocket money on court costs and legal fees in order to pursue litigation against an individual that they believe owes them money.  You can do many things to defend yourself and to slow or derail the process before it gets before a judge. Knowledge, and keeping a cool head, is your greatest weapon!

Am I a proponent of not paying your bills?  No I am not.  What I am is a realist and, as such, I know that in today’s recessionary economy many are forced to make difficult choices to protect themselves and to insure the future of their family.  I want you to know that you are not alone and you are not a “bad person” because of your current financial situation.  I want you to know that there is help available that will protect you and your family and that there are “tried and true” solutions available,if you are willing to make this first step.

- Patrick Ingegno can be reached at inner-circle@optimum.net