finance article No.8609
Negotiating Debt Can You Do It
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ation is something you might want to consider if you cannot make your payments on your debts. It's not right for everyone, but it is a good alternative to filing for bankruptcy. When you are having difficulty making your monthly payments, it is very important to find a solution - before your creditors take action for you. Many people put this off and hope the problem will resolve itself. But it won't. First, you might receive a "courtesy call" from your creditors. Then more serious calls. And if you still don't pay, collections calls. Don't think that nobody will notice if you miss a payment. Your creditors (the banks, credit card companies and others that you owe money to) will always notice. They have computer programs set up to alert them any time a payment is more than a certain number of days overdue. They may not contact you right away, but they know! Sooner or later they'll contact you looking for their money. The worst thing you can do is to ignore these calls. If you really can't pay, tell them. They may offer to lower your payments or your interest rates. Or come up with another payment plan. If nothing else works, it's time to think about professional help. And if you can't pay, then debt negotiation might be a good option. Debt negotiation is a process where you negotiate an agreement to pay off your credit card debts for a reduced amount. If you can pay, then credit counseling is a good option. The first thing to do is to make a list of all of your debts and figure out which you can pay and which you cannot. If you can make certain payments, make them. For the others, you can either call the creditors on your own, or hire a professional debt negotiation company. If you call on your own, be prepared. The credit card companies won't accept a settlement quickly. So make sure that you are talking to a person who has the power to approve your proposals, otherwise you can waste a lot of time. Sometimes the companies will negotiate with you. They may not agree to your initial proposal, but with some persistence you just might be able to find an agreement that is acceptable to both of you. If you're not comfortable, then it's a good idea to find a debt settlement company to do the work for you. Ultimately, they do not really want to take you to court or hire debt collectors. That is an expensive last resort for them, but it is something they will do if all else fails. If they agree to your negotiation offer, or any other payment plan, read it carefully before you sign anything, and then make sure that you follow the agreement. It is very important to do this because if you fail to follow the agreement, they'll be forced to take further action. Negotiating your debt is a more aggressive approach to getting out of debt, so make you sure understand exactly how it works before you get started!
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