Try the following debt negotiation advice with your creditors if you have realized that you can’t settle any due bills. Using this advice you have time for saving the needed money before creditors start calling you.
Most credit card companies and other creditors want to work with you. They are more than willing to negotiate with you than passing your account statements to collection agencies. They also don’t prefer filing cases of bankruptcy against you.
Negotiating Debt Settlement with Creditors
Before starting debt negotiation, review and know what bills you should pay first. Identify the payments that are nearing their due dates so you can plan for your finances and decide how you can subdivide your payments.
Here are some steps for negotiating debt settlement that you can arrange with your credit card companies:
- Request for agreements with your creditor to pay your bills in installments or settle for a lower cost. Make sure that you get a copy of the agreement before making any payments. The action may make your account is on a rolling late status, which will result in negative points on your credit report.
- Be aware on those spreading scams on credit cards. You may find some payment collectors that mislead payers on their credits and balances. So be cautious on the people you transact with and never give any personal information such as credit card numbers, bank account numbers, or employment information.
- One way to make sure the safety of your payments is to pay off your debts via certified mail. You may ask certified mail through a cashiers check or through money orders. Make sure that you get a return receipt. Also, remember to keep all receipts and documents.
- Never confirm any assurance that you can pay your bills on time. You should exert an extra effort to tell your creditor about your difficulties on settling your payments.
Do It Yourself Debt Negotiation Advice
Always try to open communication with them because it is your best tool. Even if you’re not comfortable with your offer, it will be better than not paying anything and not saying anything.
In case you come across of creditors that don’t want to negotiate, write a letter that will allow yourself to take steps on how you can settle all your debt problems. You may ask your creditor if they can give you new payment terms.
Never forget to tell your creditor about the changes in your plan before making any payments. Most importantly, stick to the promises that you will give your creditors to avoid future problems.
And this is my last debt negotiation advice: when it comes to debt settlement, you are the best person for the job. But you can always seek the help of a professional debt negotiation service if you don’t want to do it yourself.