If you have gone through debt counseling and you have decided that you will attempt to deal with your creditors on your own to settle or reduce the balances you need to be prepared. Through debt counseling you may learn that your debt is something that you can take charge of if you go about it in the right manner. The following tips will help you approach your creditors in the most effective manner.
Tips for dealing with your creditors after debt counseling:
1. Try to communicate with your creditors without picking up the phone. When you call your creditor and offer debt counseling it is easy to fall into the trap of letting them call the shots and things can quickly deteriorate. If you do call, start by asking for the physical address of the collection agency so you have an address to send future correspondence to.
2. Ask for everything in writing. A verbal agreement will not mean anything in the long run, so make sure that every single detail is in writing so the creditor lives up to their end of the deal. While their verbal agreement is a good thing nothing is finalized until the agreement is written and signed.
3. Ensure that you keep good records. Send a copy of these records to the creditor through registered mail with a receipt of its arrival. Make sure that you keep a copy of every letter that you send and receive for your records to refer to.
4. Record the name of everyone that you speak with. Ask for their supervisors name, and if they have one, their operators number.
5. Don’t appear too excited to settle. Instead, take it slow and be ready to negotiate. You might want to reject the first offer or two that the creditor makes as they are going to become more and more eager to settle, and therefore will offer you a better deal.
If you follow these simple tips in dealing with the creditors you will find that you are much more able to use what you have learned through debt counseling to your advantage. In some instances it is nearly impossible for the debtor to work with their creditor, so you may need to get your counselor involved to intercept on your behalf and negotiate for you.
