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Tips for Negotiating with Creditors to help improve your credit- Email this article to a friend - Tips for Negotiating with Creditors When speaking with creditors you first want to ask if the person you are speaking with has the authority to negotiate with you. If they are not nicely ask to speak with their manager or supervisor. You don’t want to waste your time or theirs, but most of all you do not want to lose your confidence! When you are speaking with the correct person tell them your story. Explain to them what happened, how you got to this point. Examples would be Maybe you had: a job loss, ill child, injury, former spouse not paying child support, or you took on too much credit card debt. Then you want to give them confidence in you. They only want to negotiate with folks they believe are going to succeed. Give them confidence in you by saying such things as: You are living by a strict budget now, you are enrolled in a money management or finance classes, you are working a second job, or your spouse has taken work. Something or many things you are currently doing to change your financial circumstances. If you are not getting anywhere with the person end the conversation and ask to speak with their manager or supervisor. Don’t let them pressure into making more payments if that is not what you can successfully do. Stick to your guns. Make them believe you have thought this out, you have a plan and you want to work something out with them but you can only do so much. Ok…let us assume you came to an agreement. You were making notes so that you know what you are agreeing to. Ask the creditor to put the agreement in writing so you both can sign it and keep a copy. If the creditor refuses to write it up you can prepare the agreement yourself. Be sure to get the person’s name phone number and preferably a fax number as well. You want to sign and date it and send a copy to the creditor. The agreement should include: ü Duration or length of time this agreement is in effect ü All Due dates and deadlines ü All payment amounts ü Applicable interest rates ü The amount of fees you agree to be responsible for or fees that are being waived and under what circumstances you must pay each fee ü Everything the creditor has agreed to do or not do. Example: If Your creditor agrees to waive fees and forgive past due amounts or not report your account as delinquent to the credit bureaus. This all needs to be included. ü Lastly when you and the creditor will be considered in default of this agreement and the consequences of the default. Then print it out, date and sign and fax a copy to the creditor or mail it, whichever you agreed with the person on the phone. Then you need to stay true to this agreement. Put your new payments or interest or terms on your sheet so you can keep track and go to the next creditor and negotiate your next debt and keep going until you have done all that you can. This is a lengthy and stressful process, but you will be surprised at how well you get and that many creditors will work with you. Negotiating with creditors and adhering to your plan will also help you get out of debt and certainly help you avoid bankruptcy and save your credit over time.
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