Question
Best way to negotiate with creditors?
What is the best way to approach a credit card company or creditor if you are experiencing financial difficulties? It seems that if you've defaulted, everyone bends over backwards to help-lower interest, lower payments, longer payment time, writing off debt. But if you've been a good payer but are having problems, you can't get anyone to listen. I'm not looking to get out of paying my debt, I just need help managing it. Our credit is still good, and I know it's going to take a hit but I'd prefer it to be because I've made arrangements, NOT because I didn't pay the bill! One loan (from a HUGE bank that took tons of money from the government) basically blew me off, stating they only offer better interest by invitation. Any suggestions? I've considered consumer credit counseling but have heard they don't always pay your bills on time and you're worse off after. Thanks in advance!!
2 months ago - 3 answers
Best Answer
Chosen by Asker
Some banking/financial companies are organized so that options are limited until you go into default. There are different types of credit counseling agencies. You want one that is non-profit, often their services are free or cheap -- not a percentage of your debt. www.cccsstl.org
by SzuSzu
2 months ago
Asker's Rating: 
Other Answers
Check with an NFCC member credit counseling company: www ... These are legit, non-profit companies that offer debt management programs for a nominal fee. They negotiate lower interest and payments so you can pay off your debt. While in the program, it will be noted on your credit. However, upon completion of the program, that notation is removed and you will have decent credit. If you try to do it on your own, you will find that some credit card companies will give you a temporary hardship plan and others will just increase your interest rate.
by bdancer222- 2 months ago
Why are you struggling? Just default. The banksters know you're in the driver's seat when you stop paying, despite their threats of lawsuit. And if you can manage it, threaten bankruptcy as a bluff (since you want to repay); that changes the banksters' tune real quick. Your credit is going to be screwed despite your effort to avoid default. And all a "good" credit rating did is get you...debt. Stop worrying and care about your life and family.
by Haiku Onicodnem- 2 months ago