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What Never To Say When Negotiating Lower Debt Payments With Creditors

Mar 21, 2008
Regardless of whether this is your first or tenth time negotiating with your creditors, there are some things you simply should not say.

Making unnecessary demands on your debt payments

Are you preparing to try and negotiate lower debt payments with your creditors? Wondering what to say or how to approach the topic without getting rejected? Well, there are plenty of things you should say or do to help the negotiation process move along smoothly, but there are also some things that you should never, ever say when you're trying to negotiate your debt payments efficiently.

One of these things is to make unnecessary demands on your creditor in order to lower your debt payment. The truth is that there are millions of people out there struggling with debt and wishing they could lower their payments to creditors. They wish they could get rid of their debt altogether and start living happier without it. But creditors simply cannot negotiate with every single one in order to help. Rather, they offer negotiation to those who are truly struggling and suffering with debt--and you better believe that they do so only to cover themselves financially and make sure that those who truly cannot afford to pay off their debt at least pay something towards it.

So you cannot enter into the negotiation conversation acting as though your creditor owes you something. Instead, approach the subject with an open mind and explain why you need lower payments, any events in your life that justify lowering your payments and any other pertinent information that can help your creditor understand why negotiation might be the best option for everyone involved. But do not act as though your creditor owes you anything more than the chance to explain your situation.

Sacrificing the upper hand with creditors

When it comes to debt negotiation, many creditors are aware that you're not an expert in the field. If you choose to try and negotiate lower debt payments on your own, they're likely to take advantage and the situation and either refuse to negotiate or give you a negotiation that's not very beneficial to you.

If this situation arises, it might be best to seek the assistance of a financial professional. They understand the situation you're in and can assist you on your journey to financial freedom. Rather than just blindly trying to negotiate with creditors, they can go in with specific examples of how and why negotiating your debt payments can be beneficial to both parties. And, most importantly, a professional can work alongside you to make sure you understand the negotiation procedure and everything that goes along with it.

Overall, you never want to say, "I don't know" to a creditor to a negotiation process. They want answers, so be sure that you or your representative can provide as many details as possible during the negotiation.

Threatening to withhold debt payments

Like most everything else involved with debt, negotiating lower debt payments can be stressful, painful, and overwhelming. You may get frustrated throughout the course of the procedure and even angry at your creditors. But at no point during the proceedings should you threaten your creditors in any way. This will, in most cases, make your case even weaker and possibly halt the negotiation process right away.

You're not going to gain anything by promising to withhold future payments, as this will only hurt you and possibly your family in the immediate future. Negotiating debt payments is a delicate situation that should be handled as such. Before you get involved, make sure you understand how it works and be careful to watch your mouth and what you say. Negotiating debt can be rewarding in the end, but it can also hurt you if you say the wrong thing. Start negotiating now and see positive results sooner than you could ever imagine.
About the Author
Dometri Quick is the development director at http://DebtConsolidationSupport.com. You can find more articles for helping you eliminate credit card debt at http://www.debtconsolidationsupport.com.
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