Negotiating With Credit Card Companies – What You Should Never Do

Everyone wants to get out of debt

Everyone wants to get out of debt. In an attempt to wipe off debt, people are now opting for debt settlement. However, while negotiating with the credit card companies, there are certain things that you must remember. There are certain dos and don'ts. This article addresses the things that you should never do during negotiation. Let us find out what.

u DO NOT call the creditor without any predefined strategy. Make sure that you have a strategy in place and you know what to say when you are speaking with the creditor.

u DO NOT cause delay in calling the lender when you realize that your ability to repay the creditor is choked.

u If you are determined to get a settlement, and you are not in a position to make regular monthly payments by the amount greater than your minimum amount due, DO NOT pay the creditor even if they insist of minimum payments. Save the money for a lump sum at the end of the negotiation.

u Make sure that you DO NOT use any sympathy angle. This will backfire. Have a clear proposal and say that you can afford a certain amount of lump sum payment and nothing more than that.

u DO NOT fumble but clearly explain the creditor why you cannot pay the installments. Give an objective explanation of the financial situation you have.

u DO NOT simply send the money to the creditor after the later agrees for settlement. Insist on written documentation reaching your door step before you make any payments and once the payment is done, insist on a clearance letter delivered on the spot.

u Make sure that you DO NOT overlook the document. Read the documents between the words and see if it has an authorized signature.

u Ensure that you DO NOT keep your rights shelved. Know your rights. Note down the name and designation of the person you are talking with over the phone. Keep a record of every call made or received.

u If you think that you are not a good negotiator, DO NOT take the risk of negotiating on your own. Rather, hire a professional negotiator for the purpose.

u DO NOT deviate from the advices given to you by the negotiator. The negotiator will do everything keeping in mind your best interest and hence, you need to co-operate.

u DO NOT blindly hire just any negotiator. Cross check the background and the authenticity of the negotiator and then trust.

Negotiating With Credit Card Companies What You Should Never Do

By: alvin stump

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