There is nothing more irritating than dealing with creditors and lenders. Considering most of them are big companies, they are not easy to deal with. They throw a lot of red tape at you and don’t bother about your valid reasons.
Here are a few ways you can kick their asses and get what you want from them.
1. Stick to Your Story
Often, every phone call you make, you are going to have to deal with a different person and you will have to explain your problem from the very beginning again. Stay confident and don’t change your story down to the smallest detail. Ask them to communicate initially on mail. That gives you the knowledge that you are talking to whom.
2. Avoid Drama
To be frank, chances are the person on the other side does not care about you, he’s just doing his job. It’s very easy for emotions to hijack your argument and spiral it into a dramatical conversation where you are screaming at the other person. Don’t let that happen!
3. Ask Questions
One of the best ways to get your argument across is to ask questions and get the creditor to reply to them. This is one of the best ways to build up an argument which gets the creditor caught in his own words. So ask the right questions that will give you information need to clearly deal with the situation.
4. Take Notes
From the person’s name to the reason they are giving, always take down notes. This assures that you have a record of the conversations which you can keep referring to.
5. Save the Mails
While phone lines will be your primary medium of communication with the creditors, don’t forget postal mail and email. Most creiditors will send in notices and payment details over the net and postal mail. Once you read the mail, keep it and make certain you don’t send it into the trash.
6. Know What You Can Afford
Take an in-depth look into your financial accounts and household income and come up with a realistic amount which you can afford. Your negations with the creditor should be completely focused on getting this amount through.
7. Deal with Creditor or agent
When the debt is old, many creditors tend to hire agents who act as collectors. The collection agent is paid an commission from what you pay. So try to see if you can get an better deal from the agent and it might be easy when it is month end. The collector might reduce your debt,but would want you to pay it immediately. So do not waste time in negotiating if you do not have the money. Also ask them to give it in writing and mention the word “Final Settlement“.
8. Get it in Writing
Nothing that is spoken over the phone or face-to-face is completely true, until it’s put down on paper. If you are dealing with a large creditor organisation, you can never be sure if the offer will hold or it was something just mentioned to please you. Unless you get in writing you will not be able to prove anything later on.
9. Get Help
It does not hurt to get help. Going through your finance, coming with an acceptable figure and dealing with non-responsive customer service can be quite a hassle. Speak to a expert in debt and hear his advice. He will know how the industry works and give insightful suggestions. The fees you pay could save you thousands of dollars
10. Better Rates
Constantly ask for better interest rates. Some of the agents have the autority to provide better rates. Sometimes providing financial proof of your debt problem might help but the person at the other end does not care about your situation. His commission is also dependent on how much money he collects. Nor harm is asking.
11. Never Abuse
Sometimes we get into an argument with the other person on the phone. This happens because they do not agree to our thought process. Arguing politely is good but if the discussion is getting nasty, say Thank you and hang up.
Convincing your creditor is not going to be easy, but with careful persistence you can get him to agree to your terms and deal with your debt.
