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Debt Credit Card Settlement can be done by anyone who is willing to work. There are a few things in this do-it-yourself method that need clarifying. For example, you will need to do some preparation before negotiating with the lender.
To do debt credit card settlement, prepare everything you need. Have ready the communication received from the lender offering to resolve. You need two other things: the latest bill or statement you received and the amount of monthly payments or lump sum payments you want to make.
Once you have those three things, put them in an envelope or a folder so that the papers are there for you to access whenever you need them. This first call may not end in debt credit card settlement, so you may have to make another call or they may call you back. When you are at this stage of preparation, get a notebook in which you will record the time and the name of the person you will be talking to.
If your payment is past due, don’t expect the person on the other line to be nice and polite. But don’t lose your temper. Let the person know from the outset that you are willing to pay and settle. So even if you know that the debt collector is good at getting information about you, don’t despair because that is what they are trained to do.
Some collectors will not accept a settlement and will continue to refuse to deal with you. There are three ways to get around this problem. First, ask to speak to the person in charge. That person is usually more receptive to accepting debt credit card settlement with reasonable monthly payments.
Another option, if you cannot speak to a supervisor or manager, is to end the call. Do this as politely as possible. Remember that calls are monitored and recorded. Then write down in your notebook what happened and when the call ended.
The last option is to write a letter to the manager or supervisor. These people are in a position to agree to a fair payment or settlement. Take a deep breath and explain very politely that you will not be able to pay the full balance but that you would like to settle with them directly before they transfer this debt to the debt collector.
Don’t be afraid to be tough in talking to them. At first, the manager won’t agree right away, even though he knows it’s much better for him to negotiate with you directly than to assign the debt to a debt collector. This is why after a few repeated calls, the manager may agree to reduce your loan, sometimes by as much as 90%.
If you must write a letter, address it to the department manager or company president. Mention your plan to settle with them and say that’s all you can afford. Mention the amount you are willing to pay and when you will pay for it. You just can be successful and skilled in negotiating debt credit card settlement.
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