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Negotiating Tips
1. Communication
Communication is the key to successful negotiations with creditors.
Do not ignore their letters. Answer them promptly by letter or by
telephone. If you promise to contact someone by a certain date,
make sure you keep your promise and contact them even if only to
tell them when you are going to make a payment to them or advise
why there is a delay.
2. Mind Your Manners
It never pays to get angry with anyone, even when you feel justified
in doing so. Always be polite and courteous even in the face of
being treated rudely. It takes the wind out of their sails. If someone
is acting negatively with you and you react negatively, it always
makes the situation worse. As a debtor your objective is to persuade
someone to be sympathetic to your circumstances.
3. Don't Take Any Nonsense
Don't take any nonsense from anyone. Make sure that you have calculated
what you can afford to pay each creditor and stick to the plan.
Offer to send them an Income and Expenditure statement (click
here for sheet) if necessary.
Do not allow yourself to be intimidated. 100 years ago we used to
have debtors prisons in the UK. This is not the case now! If it
was, we would not have enough prisons to house even a small proportion
of debtors! The worst that can happen is that a creditor will obtain
a court judgement against you and take money from you on an involuntary
basis, which you can avoid through several ways explained in this
website.
4. Get It In Writing
Get it in writing. Always create a paper trail. This starts with
your records such as invoices, credit card statements etc. Every
telephone call, letter written/received and offers made. Always
make a note of the date and time and to whom you have spoken and
if necessary confirm all conversations or offers in writing.
5. Don't Bluff
If you make an offer, make sure that you can do what you have promised.
Don't tell creditors what you think they want to hear. Tell them
what you really can do making sure you follow through.
6. Make your offer as brief and precise as possible
Explain the reasons for your current financial difficulties and
then come to the point and make the offer. Make the terms of the
offer precise. Do not leave things open ended such as "things
should pick up during Christmas and I will increase my payments
if I can".
7. If You Get into Trouble
If you get into trouble after you have negotiated an offer and you
can't adhere to the arrangement, contact the creditor in advance.
Attempt to send a portion of the funds you promised with a proposal
to make up the balance, or renegotiate the entire proposal. Do not
wait to contact the creditor until after you have missed a deadline
for payment.
8. Protect Yourself
If you receive Court or official papers, DO NOT IGNORE THEM. Make
sure you know how much time you have until a legal response is required
to be filed with the Court. This is usually set out on the Court
or official papers. Then make sure you complete the documents and
return them on time. If you need help with this, then get advice.
Click here for useful websites
9. Be Realistic and Fair
Always be realistic with your offer. Only offer what you can actually
afford. Ensure you complete your statement of means as accurately
as possible, not forgetting expenses such as school expenses, child
minding, cigarettes, TV licence etc. Do not however insult your
creditor by over estimating your expenses, such as entertainment,
dining out etc. The majority of creditors are fair and they will
expect realistic payments within your budget.
10. Never Give Up
Every year thousands of people resolve their debt problems.
Other Links
Other Links: Charities
Other Links: Debt Links
Other Links: Negotiating Tips
Other Links: Useful Contacts
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