Personal Finance

Negotiating Credit Card Debt

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Negotiating Credit Card Debt Yourself With These Three Tips

Here are three tips to negotiating credit card debt yourself. You do not have to hire anyone to counsel or represent you. You can do it yourself if you do these steps.

1. Control your emotions. The debt collectors play on your emotions. They use systems that have been developed over years that you are not familiar with to engage you in conversation. They want you to admit you owe the debt. They will play on your ingrained values to make you feel that you are embarrassed over not being able to pay the debt right now. You will want to make it right by sending them a payment. You will feel pressured to give them your bank account so they can do a wire transfer for “just” this amount but then find out they will do it again or for a different amount than agreed. Control your emotions when discussing with a collector and you will stay in charge. It is okay to put them on hold while you gather your thoughts. It is okay to do something that they do not expect like ask them a series of questions and take control of the conversation – or just not answer their question and talk about something else.

2. Keep records of all contacts. Debt collectors have a computer and record notes of every conversation even if they play dumb and act like they do not know that they have been notified not to call you or only to call your attorney. It is okay for you also to tell them you are going to record the conversation. Tell them that you are putting them on hold while turning on your recorder. Then state the date and time and inform them on the recording that you are recording the conversation. Ask them if they understand that the call is being recorded. Turn the tables on them. Ask them to identify themselves by first and last name and to acknowledge that they are calling to attempt to collect a debt.

Confirm all conversations in writing. Ask them for a fax number or email address to send correspondence. If they tell you that they do not have a fax number, tell them that you know that their company has a fax number and insist that they give it to you. If they refuse, then tell them that you will not talk to them and to have a supervisor call you. Then hang up politely.

3. Control the contacts with the collectors. You do not have to talk to them when they call. You do not have to answer their questions. Never admit that you owe a debt, it is not necessary. You have the authority under the debt collection laws to actually notify them not to contact you again or to only contact you at certain times. You can even insist that they only contact you in writing.

James Montgomery teaches about credit card debt and credit repair techniques. Get free information about credit card debt as well as a do it yourself package. Learn how you can repair your credit rating at improve credit score.

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