Considering how difficult your current financial status is, the best way to get out of your debt is to directly speak with your creditors. You may not be able to pay what you owe unless you negotiate with them and cut a deal. Though there are some creditors that would make it difficult for you to bargain, there are those who will agree. After all, they have no choice. They could either take the plea or risk having you not being able to pay them back. It takes a lot of courage to face them though. Once you do, here are some of the things that could make this negotiation successful.
Always be nice
You are the one asking for a favor here. You have no choice but to keep it cool. The creditor might be rude or arrogant while you are talking to them, but you should stay calm. You have to speak with a calm voice and be respectful. Otherwise, this will not end up the way you want to.
Request for a word with the supervisor
You are usually facing the collector when paying your debt. These people are really tough. Their job is to get money from you. Therefore, they will do whatever it takes even becoming rude just to get what they want. You don’t want to speak with them when it comes to negotiation. Besides, they don’t have the power to make a deal. The best way out is to speak with the supervisor. You can’t expect positive results right away, but you can at least give it a try.
Have a plan
Before talking to them, you need to have a clear plan on how much you would bargain and how much you can afford. You should even lay out a repayment scheme based on what you think you can afford. From there, you can negotiate with them the terms that are fine for both parties. Don’t let them make decisions on how to negotiate at first. If so, then you will still not be able to repay them.
Be direct with your deal
It is important that you tell them how much you want to be reduced from your debt. For instance, you can tell them that you want your debt to be lowered to just 70% of the total cost and you will pay it lump sum. Usually, they will agree if you can pay right away. You may also ask for a payment plan which is reasonable so you can repay them. Of course, this will take several rounds of talk before you can finally agree.
Don’t be intimidated
You came here to talk to them and be nice with them. If they threaten you with lawsuits, you have to remain calm. They do that all the time. They are trained professionals. They can intimidate you with mere threats. You need to know what your rights are. Besides, you came there to talk with them and be nice. You didn’t come there to make a scene.
Closing the deal could take time and lots of negotiations. You have to be persistent and still be calm at the same time.
Featured and 1st image courtesy of PinkBlue / freedigitalphotos.net
2nd image courtesy of Ambro / freedigitalphotos.net