As someone who has had creditors banging on my door in the past, I found this article located on Entrepreneur.com very interesting in negotiating with your creditors in business. We all in business or personal life eventually come to the situation where we are forced to deal with at least one creditor, so how do you handle them?
The process of creditors and lenders reporting information on an ongoing monthly basis to the credit reporting agencies is purely voluntary. Any information that a creditor or lender adds to your credit reports can theoretically be removed or modified to be less negative, if you can convince the creditor/lender to take this action.
Always remember that there is more than one person you can talk to within the system, if you don’t get the result you want from customer service, ask to speak to their supervisor. Do not let yourself feel intimidate or threatened by the person you are speaking to. Remain calm and collected throughout the whole conversation, if you show your intimidated then they know they got you right where they want you.
If you can make a settlement with a lesser amount then is owed try to negotiate for that. Ask for a lower interest rate or for them to waive late fees and interest charges that have already been applied in order to make it easier for you to make the payment.
What are your suggestions on dealing with creditors?