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Credit card debt negotiation
By David Pilley on August 16, 2010

1070268_13971513-(2).jpgCredit card debt negotiation involves attempts to reduce the amount you owe on past due accounts. It can be a daunting task that may involve tens of phone calls made and/or received between you and your creditors. Your outstanding amount needs to be paid, or legal action may be taken against you. Whether you want a partial settlement or a simple reduction of your bill, negotiating your credit card debt will take courage and perseverance.
Before you negotiate, you must sit down and examine your debt. If you are a good bookkeeper, you also need to have a good handle on what you can pay. Keep track of your income, how much you are making with each paycheck, how much you are paying for your mortgage, how much you are paying for food. There’s a good chance you can’t pay it all back, but you need to be able to pay a sizable portion of it to your creditors.

When you are making an assessment of how much you can pay, you also need to decide what type of payment plan is best for you. Can you make a lump-sum payment, workout an arrangement, apply for a debt management program, or ask for forbearance? If you can pay a lump-sum, you will be negotiating a settlement for less than the total amount you currently owe. It will not consist of a monthly payment plan, just one simple payment within a certain amount of time. If you wish to make a workout arrangement, this will involve your creditor lowering or eliminating your interest rate and also eliminating late fees for a temporary period of time so you can pay off the principal. You can find out more about a debt management program here. Or if you are trying for a forbearance program, this will allow a period of time where you don’t have to pay anything. These are your options, but you need to be aware that not all of these options may be open to your creditor.

Whether you negotiate directly with your creditors or you go to a third party, you need to make it clear you need help. If your financial situation has changed because of job loss or divorce or mounting medical bills, you must say so. You will need to call the company. Be prepared to make many phone calls. More than likely, your creditor will not take a written statement. If you are not comfortable with negotiating on the phone with your creditor, you should consider talking to a debt relief agency.

But if you are comfortable with negotiating by yourself, be vigilant. Ask to speak with a credit manager. While you are negotiating, get the person’s name and telephone number for future phone calls. Explain your financial situation, and make it clear that you want to pay. Finally, be willing to haggle. Take the best offer, which will not be the first offer. When you have settled on a type of payment, make sure you get it in writing for tax purposes. You never want to pay anything until you have a clear representation of what you are paying. Negotiating by yourself may not be for everyone and it could take a long time to make it, but the rewards could be quite a relief.
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