Get a better deal on all your debts. Get lower monthly payments, reduced interest rate, even defer paymentsHow You Can Negotiate Debt Reduction With Creditors and Lower Your Monthly Payments and Interest.

ARRANGE AN EXTENDED DEFERRAL OF YOUR DEBTS

 Maybe even reduce the total amount you owe.

Yes, you can negotiate your own debt settlement. Get a better deal on all your debts. Get lower payments, reduced interest rate, even defer payi

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STEPS TO A SUCCESSFUL DEBT REDUCTION

 

WHAT TO ASK FOR:

  • Reduction in your payments
  • Lower interest rate on your debt
  • Extended deferral of your debt
  • Maybe even a reduction in the amount owed.
  • Inform them your money problems mean you can't pay your bills.
  • Mention that going bankrupt is a possibility.

WHERE DO YOU START?

By reviewing your budget, you will be able to see if reducing the monthly payment for a single debt is enough to get your finances in order. If so, it won't be necessary to contact all of your creditors. Yes you can reduce your debt and interest paymentsHowever, if a payment reduction from just one creditor doesn't quite get your head above water, you could choose to contact all of the creditors to whom you owe the largest amounts of money. This will have a greater impact on your monthly budget.

ELIGIBLE DEBTS

You can probably make new payment arrangements for all types of debts except mortgages.

Mortgages may sometimes be eligible depending on the financial institution and on your financial situation.

Some lenders offer a mortgage payment relief period of up to six months if your circumstances qualify. Phone and ask.

TEST THE WATERS FIRST:

Call all your creditors, and without revealing your identity, ask if they have a program whereby debtors can negotiate a better deal. Find out who to call.

PICK THE BEST PROSPECTS

Use the list of debts you made up since it includes a complete list of your creditors, account numbers, account balances, monthly payments and payment due dates. Mention you do not want to go bankrupt but will if no other option.

It will help you plan your proposal. It will help you determine who you should pay and when, as well as what commitments you are able to make.

Yes, you can negotiate a better deal on your debts lower monthly payments reduced interest and/or an extended deferral of debts maybe reduce tMAKE A CLEAR PROPOSAL:

Make a clear proposal, based on your budget and how much you are actually able to repay.

Clearly explain your financial situation to your creditor so that they fully understand your situation. The key to success is to show good faith and your commitment to repay your debts.

Remember they know from your credit report exactly how much you owe them and others. Do not mislead them It will not work.

ASK THEM TO SEND YOU A WRITTEN AGREEMENT:

It is advisable to get a written debt settlement negotiation letter of the agreement. You can prepare a brief summary of your telephone conversation and send it to the person you spoke with (by fax or by registered mail).

 

How To Lower Your Credit Card  debt, Monthly Payments  and Interest Costs and/or get an extended deferral of your debts and reduce the amount you owe. Negotiate with your creditors.

Yes, You Can Reduce Your Debt And Interest Payments

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