If you don’t repay your debt for a certain amount of time many creditors will turn over your debt to a debt collector because they want to achieve payment. Often debt collectors will agree to a modified payment schedule, but only in case you really are in difficult financial situation and can not pay the full monthly payment every month.

Your creditors (bank, telephone company, store, or any person who has extended you credit) can ask a debt collector to collect on your debt at any time, so it may be useful for you to know that federal law regulates in what time debt collector may contact you and also regulates the procedure of collecting money itself. Read the Fair Debt Collection Practices Act and find out that debt collector has no right to call you before 8 a.m. or after 9 p.m. If the collector knows that your employer doesn’t allow you receiving personal calls at work, he can not call you while you're at work if. Also during the debt collecting process the debt collector should not harass you, lie to you or use other unfair means. If you don’t want to see the debt collector again, you can send him a written request where you ask to stop further contact. According to requirements of law, the debt collector should honor your written request, but it is not a best debt solution, as the collector can apply to the court or take other actions to collect a debt you have owed.

If your debt is over a certain number of years old, study the statute of limitations and find out whether you have to pay it or not. Every state has different numbers. But some debts, such as government education loans, can be collected irregardless of how old they are. If you need more information regarding your rights under the Fair Debt Collection Practices Act, visit the Federal Trade Commission Web site.