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Whittling Down Debt: Don’t Be Afraid to Negotiate!

  • Apr 5 2017

Sometimes it takes extreme financial distress to learn how to deal with creditors in a more effective manner. With the general busy-ness of our everyday lives, sometimes bills go unpaid, and late fees and interest begin to pile up. There may even be errors on bills that we don’t have time to check out—or notice. Financial circumstances can also become even more extreme due to catastrophic events like accident or illness, loss of a career, a contentious divorce, and more.
whittlingdowndebt74354206 Whittling Down Debt: Don’t Be Afraid to Negotiate!

Creditors May be Surprisingly Flexible

Most creditors are willing to open a conversation regarding writing off some of your debt once they realize the account may soon become delinquent—or already is. Negotiating a lower payment with you may be their best chance for receiving any repayment.

If you are already receiving threatening phone calls from debt collectors regarding credit cards, you may be able to negotiate debts but generally that will mean paying off what you owe in a lump sum. Winning at negotiations and being offered a discount is great, but promises may be difficult for you to follow through on if your finances are already strained. While you may attempt to handle the process yourself, this is an excellent time to consult with an experienced consumer protection law firm like Fitzgerald & Campbell, APLC, where we can answer your questions and help you weigh out your options.

In negotiating with creditors, especially those regarding credit card debt, you must be particularly careful as you are treading in their territory—and it’s probably safe to assume they are far more adept at this game than you are. Before you pick up the phone, have a clear goal regarding what you want to achieve in negotiating, as well as a clear understanding of your current finances so that you can follow through on any agreements.

Medical Bills Can Often Be Negotiated Down

Very often medical debt is up for negotiation too—and many consumers are unaware of this. Those who are uninsured may have even better luck. Because an unexpected illness can be so devastating to your financial health, it is important to examine every bill and try to negotiate any debt possible if you are having trouble paying.

If you know you are going to have a procedure ahead of time and are uninsured, you may even be able to negotiate a discounted rate ahead of time. Either way, you may have great success in seeing your medical bills reduced—and it’s as easy as making a call or a visit to the billing department. Keep in mind again though that even while you may be able to whittle down the debt, the creditor will probably want that amount paid in a lump sum.

Contact Us for Advice Regarding Debt

If paying your debts is currently a challenge and you need advice, contact Fitzgerald & Campbell, APLC, a law firm with decades of experience in helping clients to explore their financial options. Let us review your case and help you go from there. We are here to help!

Call us today for a free consultation at (855) 709-5788, or email us at info@debtorprotectors.com.

Posted in: Credit Card Debt, Debt Collections, Medical debt