Question

Wells Fargo Charged off bank account $2500 Balance and past due

1. Discuss how you should communicate the issue of collections to them as a couple, What legal components should they be aware of, What type of funds should they avoid using to pay off their debts?

Answer 1

Issues of collection can be communicated to the couple through any of the following mediums of communication:

1. E-Mail
2. Telephone
3. Text
4. Web Chat

The issues of communication can b communicated using the right words and keeping in mind the type of customer or the generation to which the customer belongs to. It is always important to know and understand the pulse of the receiver.

The following are the legal issues of collection:

1. Lack of Contact Information of the Debtors
2. Difficult to contact the Debtors
3. Difficulty in obtaining information
4. Consumes time to locate the debtors

The following are the four components that one should be aware of:

1. The size of the debt
2. The debtor's obligations
3. Whether to opt for Bankruptcy
4. The Interest Rates charges

The following type of funds should be avoided using to pay off their debts:

1. Money Market Funds
2. Dividend Funds
3. Utilities Mutual Funds
4. Federal Bond Funds
5. Municipal Bond Funds
6. Taxable Corporate Funds
7. Large Cap Funds
8. Hedge Funds