Are you in residing in the UK? If it is so then here you will have some valid tips on how you can negotiate with your creditors. It is evident that along with mounting debt, the stress factor also mounts. It is also true that debt can even drain your bank account, limit your financial stability and it may also make it impossible for you to get new credits.
Along with that, you will be getting a constant stream of letters and calls which prove to be very embarrassing. But now you peoples out in the UK don’t have to worry about all these. Just go through this post and get the ideas so that you can settle down with the creditors to release the pressure on you.
Tip 1: You should always stick to your story
One should keep in mind that the person sitting on the other end will not be interested in listening up that why you failed to pay the bills. But at the same time, it is also evident that the person is also not aware of the fact that you were in a hardship situation. In such a condition it is better to come up with sentences which you can use consistently like:
“I was not well and I am out of work for the last two months and now I am trying my level best to get caught up.”
You can also come up with different stories but you should be truthful.
Tip 2: Get each and everything in writing
Remember that it is a collection agency and it is better to have everything in writing. Never believe in anything which is given verbally because in most of the cases it didn’t happen. When you are negotiating with any of the creditors in the UK, either you send them letters or ask them to send them you a letter to map all the terms of negotiation. Having in writing will protect you from legal obligations.
Tip 3: Try to remain confident throughout the negotiation
While you are negotiating with the creditors it is vital to remain confident, but you may feel the pressure to be bullied. Remember that if you stick to your point then you may find yourself in a better position. Prepare yourself before the final showdown and make a list of offers which you may offer them if they don’t agree.
Tip 4: Never ever disclose your bank details
In case you are dealing with an original creditor, then you may have no choice but to make payment through debit card or account. But when you are dealing with collection agency then keep in mind that in any circumstances you should not reveal your bank details. Inform that you can make the payments only through money orders or by cheque.
Tip 5: Don’t fear to ask counter questions
It is quite obvious that the creditor might threat you that you will be sued for not paying the bills or if you don’t pay the bills. But don’t lose your heart and just simply ask that “can you please tell me that when you will take money from my account”” or “when should I expect the notice of a lawsuit against me?” Well, it is important to note that the threats mentioned above are illegal and you can charge the creditors for the threats.
So, you can deal with your creditors in this way while following the tips mentioned above. Hope you will have a fruitful negotiation.