Can I Do This Myself?

Yes, it is possible for a consumer to negotiate a debt settlement. In fact, here is some information you will need to know that might help you.

  1. You need to have time. Creditors and collectors conduct their business during normal business hours, usually from 8AM to 5PM.
  2. As well as time-consuming, negotiations can often be complex. You will need a degree of knowledge regarding your debts.
  3. Hand-in-hand with the complexity of the matter is the need for negotiating skills. You don’t need to be an ‘expert’ in negotiations, but you can’t simply make arbitrary demands either.
  4. You will need to know when to be tough and when to be meek. Above all, you must completely divorce yourself from personalizing the issue, and remain objective. You must set aside any embarrassment you may feel regarding your predicament.
  5. You must be extremely careful regarding providing information. What may be to you a perfectly innocent answer to a perfectly innocent question could prove to be an invaluable ‘nugget’ to the creditor or collector asking the question. That little bit of information may be enough to compromise or defeat your sincere best efforts at getting a settlement, and might well lead to even more aggressive action to pursue you for the debt in full. Remember, the creditor does not have to settle the debt, and if he sees an opportunity whereby he can collect more than you’re hoping to settle for, quite naturally he’s going to do so.
  6. You must be prepared for intimidation, humiliation and attacks on your self-esteem, particularly from collectors, and simply do not let the other party know that these tactics are affecting you. You must not allow yourself to become emotional or stressed: you can’t afford it, and the collector is experienced and sophisticated enough to know that. Remind the collector that you wish to keep the negotiation on a professional level, that you are acting in a non-hostile and non-judgmental manner and that you expect no less of him/her.
  7. You should have at least some knowledge of the various legislated Collection Practices Acts and credit reporting acts and other related consumer legislation in order to ensure your rights are protected.

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