Sometimes people decide that they want to negotiate directly with a creditor. That is not always a bad idea. In fact, if you are early enough in the process, it can be good for you. But how do you do it? Here are 5 tips on negotiating with a creditor:
- Do NOT threaten that you will file bankruptcy. Creditors hear that all the time and they simply tune it out.
- Do NOT threaten to hire an attorney. Creditors hear that and they assume if you could hire an attorney, you would have done so.
- Do NOT yell. It is simply not productive. You want them to work with you. Yelling ends that conversation.
- Explain your financial situation, but do not turn over paystubs, bank records, etc…. Just explain if you have a hardship and what happened. Then make them an offer.
- Do NOT try to get some amazing deal. It does happen, but not for most people and if the consumer starts out unreasonable, then it ends a lot of negotiations.
Of course, if this does not work, talk to an attorney. I offer free consultations on how to deal with a creditor and resolve your dispute!