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How To Negotiate With Creditors


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Generally negotiations with creditors occur on the phone. If they are in person, the same principles apply. 

Consider the following steps before speaking with a creditor. Each step is more fully described in other sections of this article.

Step 1. Determine your objective about each creditor.
Step 2. Think about what to say to convince the creditor to say "yes."
Step 3. Think about how to tell your story and make your request.   
Step 4. Be prepared for not reaching an agreement with a creditor.   

When you make the call, speak with a decision maker, stay on point, be flexible. Get the agreement in writing.

If the creditor says "no," wait a while and try again -- especially if there are new facts such as other creditors agreeing to your proposal.

When you reach agreement, get it in writing. Stick to your agreement.

If negotiating is not one of your skills, ask a friend or family member who is good at it do to it for you. Or your attorney if you have one.

If you would prefer, there are professional credit counseling services available.

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