Tips for Dealing with Your Creditors
When you need to deal with your creditors - either to renegotiate terms, to seek forbearance or deferment options, or to put a stop to harassing contacts - you can quickly find the situation spiraling out of control. Try the following tips:
- Put it in writing. Whenever possible, either reduce conversations to writing, or keep the conversation in writing to begin with. This produces an incontrovertible record of who "said" what, and will serve you well if you find yourself arguing with the creditor later about exactly what was agreed to and when.
- Keep a close check on emotions. It's very easy to let creditors gain the upper hand by reacting emotionally to their tactics. While some creditors are extremely professional, many train employees to manipulate their account holders with what some may view as morally questionable tactics. Don't let such an approach get to you. If you feel yourself losing your temper or getting upset, terminate the call and try again later. Alternatively, ask to speak with a supervisor. You don't need to offer an explanation.
- Keep your voice calm, polite, and professional sounding at all times. Remember - you are very likely being recorded by the creditor! Use your manners and stick to the factual components of your situation as much as possible. Don't let it become personal. CAVEAT: if the call becomes abusive on the creditor's end, it is perfectly permissible - even advisable - to express hurt or anger, but having done so (and having communicated your demand that the abuse stop), terminate the call quickly. You're not obligated to listen to abuse.
- When sending mail to your creditor, use the "return receipt requested" option. This will create a record of receipt that can be beneficial in a later dispute.
- Don't hesitate to ask for more than you think you can get. You might be surprised what the creditor can do for you. Or, alternatively, start by asking the creditor what they can do for you - put the ball in their court, which puts you in the position of being able to offer a counter-proposal.
- If one person says "no," ask to speak with the supervisor. Don't take "no" as a first answer. Many times, lower level employees are simply not authorized to make significant adjustments to account terms, but higher level managers are. Get to the level that can give you what you want - and don't waste time with anyone else.
- When you reach agreement, reduce it to writing! See tip #1 - it's even more crucial when you have an agreed-upon course of action. Even if the creditor doesn't respond with an "I agree," if it doesn't object to your version that's credible evidence that it agreed.
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