DIY Debt Negotiation

: Chris Lee Law Firm

  Filed under: Credit Negotiations

debt negotiationDebt negotiation is one tool that can be used to find relief from debts. Although not everyone has the time or financial standing appropriate for the process, it is a good starting point for anyone looking to lower their debt payments and find financial relief. Of course, there are plenty of companies offering to negotiate debts on your behalf, but you don’t necessarily have to use a third party to successfully negotiate with creditors.

The Power Of You

The most important thing in debt negotiations is preparation. Before you contact the lender to discuss your financial situation, have a game plan. You need to know how much you can afford to pay and what types of changes can be made to help you achieve your goal. Financial hardships happen and you may need to reevaluate your budget to determine how much you can realistically afford to pay, and present that offer to your creditor.

If your goal is to find short term relief from debt payments, consider asking for a forbearance agreement. Even in credit card negotiations, you can obtain a temporary suspension in payments if your financial situation is warrants it. If your goal is long term financial relief, consider asking for a lower interest rate on the loan. Not all creditors appear willing to negotiate at first, but you still have some sway in the situation. Find other credit offers and inform your current creditor you may transfer the balance if they can’t work with you.

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