Credit Card Debt Settlement Negotiation Process
There are probably hundreds of ways to get out of debt legitimately. The only problem is we don't really explore any of them enough when we panic. One such effective option is to settle your debts with credit card companies through proper negotiation.
This option is available to all of us and we don't have to pass any eligibility criteria to avail this benefit. The only mandatory thing is to know how to do it appropriately. Before we, however, discuss ways to do it, let's understand why it is important to have credit card debt settlement.
One of the very useful and relieving reasons to settle your credit card debt is eradication of frustrating calls by creditors. These calls have been harassing you since a while. Apart from upsetting you, it also disturbs your day.
The interest that your pay on your debt is probably the most irritating part about owing debt. By negotiating it with creditors and paying it off, you done have to pay any more interest. Besides, you don't have to bother about your loan, un paid amount, stress, anxiety, and so on. It would be all gone.
The process of negotiating credit card debt with creditors is quite simple and can be done by any individual. Here is how to do it.
Step 1.
Call up the customer care number or directly the creditor's office. Do not waste much time talking with the receptionist or operator. Ask for debt settlement department right away.
Step 2.
Once you get through, explain them about your financial hardships. Tell them you are unemployed or you recently gone through some financial emergency due to which you wouldn't be able to pay them the entire amount. Tell them you aren't left with any money. However, if they reduce the total debt amount by 60%-70%, you will manage to repay it.
Step 3.
Obviously they wouldn't agree on this initially. They would reject your proposal and may send your case to collection agency.
Step 4.
Every time they call you to ask for money, repeat the same story. Tell they you wouldn't be able to pay more than 40% of the total amount. And you would pay this amount only if it would be counted a full payment.
Step 5.
Meanwhile, cut down your expenses, or generate additional income source to save money for repayment. Whether or not they agree on your terms, you will have to pay some amount.
Step 6.
After weeks of negotiating credit card debt settlement, when the company finally agrees for a settlement, send them all the money you have been collecting. It is, however, important to get things in written. Do not offer any money based on verbal agreement.
This is one of the effective credit card debt settlement negotiation ways. You may, not every time, get a huge settlement. You may or may not get 70% deduction. It all depends on how well you negotiate and how smartly you talk to them.
This option is available to all of us and we don't have to pass any eligibility criteria to avail this benefit. The only mandatory thing is to know how to do it appropriately. Before we, however, discuss ways to do it, let's understand why it is important to have credit card debt settlement.
One of the very useful and relieving reasons to settle your credit card debt is eradication of frustrating calls by creditors. These calls have been harassing you since a while. Apart from upsetting you, it also disturbs your day.
The interest that your pay on your debt is probably the most irritating part about owing debt. By negotiating it with creditors and paying it off, you done have to pay any more interest. Besides, you don't have to bother about your loan, un paid amount, stress, anxiety, and so on. It would be all gone.
The process of negotiating credit card debt with creditors is quite simple and can be done by any individual. Here is how to do it.
Step 1.
Call up the customer care number or directly the creditor's office. Do not waste much time talking with the receptionist or operator. Ask for debt settlement department right away.
Step 2.
Once you get through, explain them about your financial hardships. Tell them you are unemployed or you recently gone through some financial emergency due to which you wouldn't be able to pay them the entire amount. Tell them you aren't left with any money. However, if they reduce the total debt amount by 60%-70%, you will manage to repay it.
Step 3.
Obviously they wouldn't agree on this initially. They would reject your proposal and may send your case to collection agency.
Step 4.
Every time they call you to ask for money, repeat the same story. Tell they you wouldn't be able to pay more than 40% of the total amount. And you would pay this amount only if it would be counted a full payment.
Step 5.
Meanwhile, cut down your expenses, or generate additional income source to save money for repayment. Whether or not they agree on your terms, you will have to pay some amount.
Step 6.
After weeks of negotiating credit card debt settlement, when the company finally agrees for a settlement, send them all the money you have been collecting. It is, however, important to get things in written. Do not offer any money based on verbal agreement.
This is one of the effective credit card debt settlement negotiation ways. You may, not every time, get a huge settlement. You may or may not get 70% deduction. It all depends on how well you negotiate and how smartly you talk to them.
