As a consumer negotiating with a debt collector can be difficult, the consumer may feel distraught over not paying their bill or unsure of there negotiating skills. Before beginning the negotiating process the first thing you need to do as a consumer is make a plan, this will include how much money you may have to pay down debts, which debts you want to tackle first and what you will want to negotiate for each debt. Below we have listed some tips that you can use when you begin this process.
- Make a plan and stick with the plan: this will determine how much money you have to spend on each bill owed.
- Try to negotiate a settlement: Offer an amount that you can afford to close out your account once and for all. This will make paying off your debts easier in the long run.
- Ask for letters that have your account information on them, if you decided to take advantage of a settlement make sure you receive a letter with that offer listed on it.
- Make sure you receive a paid in full receipt from the company you are paying stating
- that the account has been resolved and the account is no longer owed.
- Settlements allow the consumer to pay off the overdue amount in less time; this will also increase your credit score. This is especially true if a consumer is trying to purchase a new home or vehicle
- Negotiating can be difficult, but as a consumer this can be a very simple process if you allow it to be.
For more information concerning credit repair, we recommend Credit Repair by Robin Leonard J.D. and Margaret Reiter Attorney.