Being overwhelmed by outstanding debts can be one of the most stressful times in anyone’s life. But this doesn’t mean that it’s the end of the world. Debt relief isn’t necessarily easy, but if you’re willing to put in the time and hard work, it’s well worth it. These are the 3 most important steps of debt settlement.
Step #1: Get Y ourself Organized
It’s important that you’re patient and pay very close attention to every detail. All the important information regarding the account in question has to be readily available.
You are also going to want to have an idea of what you can pay them, whether it be in a lump sum or broken down over payments. Do not agree to pay more than you know is possible or you’ll just end up in the same predicament a few months down the road.
Step #2: Prepare for the Phone Call
Collection agencies and creditors aren’t generally the nicest of people if your account happens to be overdue. Their tone will be harsh and they will try to direct the phone conversation in the manner they’ve been taught. State your purpose from the beginning; that you are looking to negotiate a payment with them.
Do not get irate or use profanities no matter how upset you become. It’ll get you nowhere, and will likely end with worse results. Try to have the call out through to a supervisor if at all possible since they’re much more likely to reach a deal with you.
Step #3: Keep a Record of Every Correspondence
Every correspondence or agreement you make should be in writing before you actually start making payments. Collection agencies are notorious for telling you one thing on the phone, then forgetting that the conversation ever happened. If you reach an agreement that you are happy with, get it in writing first.
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