How to Negotiate with Your Creditors if you can’t Pay your Credit Bills


Let’s face the worst-case scenario: You have an outstanding, if not already overdue credit that you just can’t pay, mainly because of your financial incapacity. Don’t ever try to commit suicide since it will just add up to your suffering. What you must do is to use the power of words.

Negotiate with Your Creditors if you can’t Pay your Credit Bills
Negotiate with Your Creditors if you can’t Pay your Credit Bills


What do these words mean, by the way? Since creditors are still human, it’s just natural for them to listen to any kind of negotiations. However, this is only applicable if you can do this at an earlier time. What we mean is that you must do the talking 90 days earlier. Since credit card loans reach delinquency status after a 180-day (6 months) period, card issuers have been spotted cracking down, if not knocking on doors in order to talk to their potential delinquent cardholders in the process.

In order for you not to suffer serious credit in financial damages in the process, you must do these four necessary steps.

  1. You must correctly state your financial status. Be informed that since credit card companies don’t like estimations, you must first make a record of your cash flow statement. This can be achieved by listing out your total essential monthly expenses and subtract it from your monthly income. You can then decide where you will give the rest of your money to. Be informed that house and car loans are the topmost priority, though.


  1. Write a ‘Troubleshooting Script’ before making a Call. You can do this by summarizing your problem and proposing a possible solution, along with your supporting documentation in order to establish your credibility. This can be your overall credit score, credit and payment history, etc.


  1. Pick up your phone and start the Negotiation. After recording your cash flow statement and your troubleshooting script, maintain a two-way conversation by making your proposal mutually acceptable. If it isn’t, be ready to negotiate a plan that’s acceptable for both of you. Make sure that you can talk and listen to whatever negotiation you’re getting into.


  1. Send to them your supporting documentation. Since these companies usually demand a hard copy, you must go to the nearest post office and send them a letter along with your complete account name, details and documentation. However, once they start calling you, don’t delay.



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