subject: Negotiating Debt With Original Creditors (DIY) [print this page] The idea is to be able to lower down the payment to a manageable number so that it can be paid off as quickly as possible. One of the best ways to achieve this is to get the creditor to wave finance charges, late and over the limit fees, which usually amounts to 30-40% of the total debt. Some creditors may accept but some will refuse. If that happens, decline politely and buy time. In many instances, the creditor will send you a more favorable deal within a few weeks. Collection agencies are paid to collect debts, so their goal is to get as much as possible as quickly as possible.
