Debts. We all have or will be having debts. Don’t worry, we are just talking about debts in monetary respect. From multimillion companies to average government clerk to a college goer. We have all taken loans or have had debts from a person or an organization at some point in our life or another.

This article is not about that. It is about what comes after. I mean let’s face it, there is no free lunch in this world. So be it your average Joe or a Federal government, if you take a loan, you have got to return the loan.

And the people who are responsible for making sure the creditor gets his money back with or without the interest as per the prior contract, are the Debt collectors.

In this article, we break some commonplace myths about Debt Collection.

1. If you ghost on your Debt Collector, it will go away

Well, that is not the case. Allow me to go on a hyperbole here, but most of the Debt Collecting organizations are a lot like Liam Neeson of Taken. I don’t know who you are, but I will look for you, I will find you, and I will (get back the money).

Long story short, please return your debts on time and not try to outsmart the organizations. They do have specific skills and can actually make sure that the job gets done. And let’s face it, it is a matter of fact, the right thing to do. So, if you think you are smart enough to let them pass, you are downplaying their power.

2. Small debts are usually ignored by the debt collectors

Absolutely not. There are various mechanisms to make sure that the creditor gets their money back. Irrespective of the amount of money involved. Maybe the methods applied or the benefits provided might be different taking into consideration the demographics of the debtors and the amount at stake. However, each and every penny for a loan is accountable for. But that does not mean that you cannot have a proper and mutually beneficial method of payback. You can always take the advice of a financial advisor to chalk out a beneficial scheme for you.

3. Debt Collectors can go beyond the legal boundaries

Well, No. They can’t. There are legalities that go into Debt collection which protect both the collector and the debtor to solve their problems in case of complexities. Be in international collections or local one, the debt collectors never swindle or harass you, neither can you harass the debtor and deny what you owe.

Both parties reserve full rights to take the other to court.

4. Debt Collection agencies are not a business per se

While surprisingly, debt collection as an industry goes way below the radar. It sure does rake up a lot of moolah. The collection industry generated an estimated $11 billion in revenue in 2017.

It involves a lot of money as well. Only the top credit firms can actually afford the good Debt collection organizations.

5. You Can Bypass the Debt Collector and Pay the Original Creditor

Most people would rather pay the company they created the debt with rather than a third-party debt collector. However, you may not have this option depending on the creditor's arrangement with the debt collector. Often, the original creditor has a contract with the third-party collection agency that prevents the creditor from accepting payment for your debt. In some cases, the original creditor has sold the debt to a debt buyer who now owns the debt outright.

Here's the real picture!

While a healthy dosage of movies has led you to see the debt collectors in a bad light. From villainous hooligans with hockey sticks who vandalize your house or the suited-booted loan sharks with dead eyes and evil smile who will come into your life and take away everything you own just cause you failed to return the loan you took, the reality is a bit different.

The debt collection is not just about getting back the money. It is about absolving a loan. And the Debt collectors are more than ready to cooperate with you to make a feasible plan for you to return the money. You just have to look for the agencies such as Cedars Business Services who are ready to travel the extra mile for you.