Negotiating Debt Settlement With Credit Card Companies - 5 Steps To Go

By Author: J.J. Yong
Total Articles: 962
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When you have been unable to pay your credit card debt for several months, it is time for you to contact your card provider to negotiate for a settlement. There are 5 simple steps you should take to get yourself out from debt.

Step 1:

If you have a few credit cards on hand, you are required to gather the latest monthly statements for each of your card. You need to know the exact amount of your outstanding balances before you start negotiating with your creditors. At the same time, you must also know the interest rates charged for each card.

Step 2:

Call up the billing department and request to speak to the officer in charge about your intention to settle your debt. When you call up your creditor for the first time, you are reminded to find out the right person to speak to. If you are not sure, check with the customer service representative to get the information.

Step 3:

Explain your financial situation to the office in charge and request for debt reduction. Propose a settlement amount which you can afford to pay and seek for approval from your creditor.

Step 4:

If ...
... the officer in charge does not provide you the answer on the spot, you are reminded to request your creditor not to sell your account to the debt collection agency. Inform the officer that you will call back to discuss further.

Step 5:

Be prepared that you may have to call up your creditor many times before you can obtain the approval. The whole negotiation process involves offers and counter offers. It will only be completed after the creditor agrees with your settlement offer.

Finally, you can make your payment once you have received a confirmation letter from your card provider.
For more information about debt settlement letter and debt settlement companies, visit DebtSettlementEssentials.com.