How To ‘Negotiate’ Your Debts

By ,  Monday, September 10th, 2012

5 Debt Negotiation Tips!

When you are behind on your debt re-payments and there’s no chance that you can pay back the entire balance, in very many cases the best thing you can do is negotiate with your creditors.

You’ll be surprised that with the right approach (and a little experience) just how much creditors can be persuaded to reduce your outstanding balances.

It may be the wisest move to hire a skilled and experienced negotiator to act on your behalf..In any event, here are just a few ideas and tips to get you on your way.

5 Tips On Negotiating Your Debts

1. Create a budget

Your personal budget can be the key to getting your creditors to move your way. You should prepare a monthly budget which explains exactly how hard it is for you  and will show them the reality of your financial situation. This can be a great tool for your negotiations because it will show your creditors how much you can pay (what is realistic) on a monthly basis.

2. Check your affordability before you make an offer

If you can arrange (and afford it)…Make an offer to settle the entire account.  Most importantly, don’t ask your creditors how much they are prepred to accept..It’s always better to be on the front foot.

3. Show your creditors how they will benefit

Make sure to go out of your way to show creditors why they will benefit more from a negotiated settlement compared to any other solutions based upon your own circumstances.  Depending upon your situation, the time and costs of taking you to court to obtain payments may well be to their detriment!

4. If at first you don’t succeed..TRY again

Certainly try again if your creditor refuses to settle the first time.  Perhaps wait for a month or so and try to negotiate again. Time (and lack of money) may convince them to look more favourably at your offer?

5. Negotiate for accounts having the lowest balance first

It’s a much better financial strategy to settle those accounts which have the lowest balance first. The smaller accounts are generally easier to negotiate with.  Once you pay off the smaller accounts, work your way up the debt size ladder and negotiate to repay the one with the next highest balance….

There are a lot more ideas and strategies to use when negotiating with creditors, however to get the best (and often the quickest)  results..it pays to get professionals on the job.

If you need help in taking back control of your financial life..to get your debts paid off and your personal budget back where it should be, then don’t hesitate to call us…We know how to help and get your debts paid off fast..and get your ‘peace of mind’ …and your life back!

 

Kind Regards

Mark McInerney

0400 590 040



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