Debt Negotiation Advice
how do I negotiate with creditors over debt?
I need some direction, I have a few debts that I am going to need to pay off. I read that you can negotiate with your creditors a lower rate. How would this work, and has anyone ever had sucess in this?
Public Comments
- buy a plane ticket to iraq and join the military to pay it off.
- Mostly creditors want their money. If you are in a situation that has made it difficult for you to pay, the best thing to do is call them and let them know. They are under no obligation to change the terms of your original agreement. However, because they want something instead of nothing, many will negotiate. Try to do this before you start making late payments. The more proactive you are, the more likely they to assist.
- I've found that waiting until they go to collect, wait till the end of the collection time and they'll get their manager on the line and settel it right there for pennies on the dollar. gl
- Well if your asking for a lower rate or making a payment plan call the number on the back of your card. They can work with you. If it has already been forwarded to a collection agency go to one of those credit help places and talk to them alot of the time the price will go down significantly.
- Yes usually you can negotiate by paying 50% of the debt only if you pay it in full. Lets say your debt was $1,000 all you will owe is $500. But I cleared my deby by a company called Clean Credit. They do the negotition for you while monitoring your credit report; any thing that's on your report that does not belong it will get deleted. After about 6 months of working through this great company, my credit score went from 485 to 720.
- The best way is to call each individual creditor and ask them for whatever help that they can provide. Understand though that your ability to pay off the debt will impact what the creditor will allow you to do. If you simply don't want to pay as much as you are supposed to, you may have difficulty negotiating without having a real reason to need help. Alos, be sure to check how whatever they let you do will end up reflecting on your credit report. Good Luck!
- You can try. They won't listen. Threaten that you are close to declaring bankruptcy. Or, find a non-profit debt consolidation company, that you DO NOT pay a fee to. Those are rip-off scams.
- you can the faster you can pay the faster they will forgive and reduce teh amount you owe. You can easily get 25 percent mark down if you promise to pay fast. then in 30 days you get a report of satisfaction
- in most cases a creditor will only negotiate a lower payoff if you are behind. they dont see a need to lower your debt unless they think you cant pay. that being said, have an amount ready to pay them and be ready to negotiate. usually they will accept as much as 50% less than your debt. NEVER give any creditor access to your bank accounts through electronic transfer or post dated checks, because they will empty your account to get the money you owe them. after they agree to accept an amount for payoff, be sure they send that agreement in writing saying they will be accepting the amount as payment in full for your debt before sending any money. keep this record forever!
