It’s sad but very true that a large percentage of us suffer from blemishes on their credit reports. A single blemish may prevent one from obtaining credit. Bad credit is embarrassing, humiliating, and depressing. Most creditors believe that a bad credit report dictates a persons worth and value as a human being.
You are not the first person to decide to put food on the table or keep the lights on rather than pay a credit card bill. Most people faced with the decision will protect their family and love ones first and then pay their creditors. Even the collection agents, would certainly protect themselves first, if faced with the same tough decision.
If a person is in financial trouble, and you push him hard, he might find something ‘wrong’ with your product and offer partial payment. This is face-saving. But it offers an easy chance to get most of your money.
Consider the companies offer very seriously. Believe me, it can be the best thing you can do. You’ll probably still end up with a profit on the deal. (And he’ll be happy, because he’s got a reduction.) You’ll have saved yourself a lot of time. And you’ll probably get more money from the debtor than you’d get in any other way. Also you’ll come away feeling like a good guy. You’re reasonable, you can compromise. Don’t get involved with law courts and endless hassles if you can avoid it. Pride can be very expensive.
I don’t suggest you claim something is wrong when it isn’t, debt negotiation pays for both sides, very often. Make an offer and try to keep calm. The people chasing you for money may listen to you carefully. as long as you stay calm. This is very important
Some middle-sized debt collectors specialise in negotiation. They adjust their approach to the type of debtor. They do go out and see the debtor, but mainly with negotiation in mind. Maybe the debtor can pay so much a week? Or he could make an offer that might be OK? Anyway, what’s the real reason this person hasn’t paid? The debt collector wants information, he picks up vibes, he uses his common sense and experience to find some way to make progress. Only as a last resort does he use legal action — and then only if he’s sure there’s really money at the end of it.
A debt collector is often more sensible than you’d expect. But if you slam the door, never answer the phone, and just swear at them and make threats, then their capacity for negotiation and common sense never gets a chance. Try talking to them. Even make an offer, if you really do owe the money (and you aren’t in dispute about that.)
If you’re in a situation, then talk to the debt collector. The debt collector would probably love to negotiate a happy settlement and get it “all done.”