Keeping track of your finances is an important way to know if your debts are being paid down. When you have a debt collector trying to collect money from you and you’re paying those debts, you need to have some kind of statement to record those payments. Are debt collectors required to give you those statements, though? They aren’t always, and that can make it harder to see what you’re being charged and if interest or penalties are being applied.
Depending on where you live, they may. For instance, in California, Florida and New York, you should receive some kind of documentation to show how much you have paid. In California, that is within 30 days of your payment, while in other states that could be quarterly at a minimum.
If you aren’t in one of the states that requires the documents and statements or if you’ve moved out of one that did, then you can still request statements over the phone. Some collectors have information on the plan online, so you can just sign in, and others will send you a balance with information on your payments on request.
Whatever you do, make sure you get your agreement in writing and record any phone calls you have with a collector to protect your own interests. That way, if there is any question about what you were told, you can refer back to the person you spoke to and what you were told verbatim. This will help you make sure you’re not taken advantage of and don’t end up with more payments due than you should.
Source: Credit.com, “Does a Debt Collector Have to Send Me Statements If I’m Making Payments?,” Gerri Detweiler, Aug. 31, 2015