Technical Tips for Successful Debt Negotiation
i) Any settlements you achieve, make sure you get them in writing. Keep copies of all your communication with your creditors including letters, phone calls notes, etc for future reference.
ii) Negotiate to settle debts with those creditors with the lowest balance first. Once those debts are fully paid off, negotiate debt with creditors with the next highest debt. Go from smaller debt levels to higher ones. Read this article on Debt Elimination to learn more about this Debt Snowball Elimination technique.
iii) Create your monthly spending budget to show to your creditors so that they can understand your financial situation better. Read this article on Debt Reduction to learn more about evaluating your debt, creating a household budget and getting out of debt.
iv) Don’t ask the creditor what amounts they are willing to accept. Tell them how much you can afford to pay. Never offer to pay more than what you can afford.
v) Many creditors are willing to accept a lump sum debt settlement for as low as 70% of the original amount. Rather than getting reduced monthly payments from you (who knows whether you will default on them or not?), they will want to take a one time reduced settlement.
vi) Negotiate debt with the original creditor and not the debt consolidation agency. This means you have to be fast in reacting to debt collection calls. For example, if the original creditor calls you regarding payment, do not ignore them and wait. They may sell this debt off to a junk debt buyer and matters will get even worse.
vii) Never over-stretch yourself in negotiating your medical bill debt. Tell the creditor what you CAN do, not what you CAN’T do!
viii) Show the creditor your determination to take control of your financial life, pay off your debts and regain a good credit score again. government debt help.
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