It’s totally normal to have a creditor lingering out there.  Maybe it was an cable bill that just didn’t get paid before the big move.  Maybe it was a laboratory bill from that accident a few years ago.  Or a lingering credit card that just doesn’t seem to ever get lower.  If you problem is a lingering debt, then let us tell you a big secret…DON’T FILE FOR BANKRUPTCY!  When personal debt amounts to just a lingering debt or even a few lingering debts, there may be a better solution.  If you’re the type who wants to do-it-yourself, then simply pick up the phone and call the creditor.  And take heed of the three P’s to dealing with Creditors on your own.

Proactive.  Being proactive not only means making the call but also, making that call as soon as possible.  First, that debt is never going to be as small or as timely as it is right now, so why wait?  Don’t wait until the end of the day or the beginning of the day, DO IT NOW!  Secondly, waiting too long will result in the sale of the debt.  Suddenly, you’re not the one calling, some company with a strange, unrecognizable trade name is blowing up your phone!  What does this mean?  It means you are no longer dealing with a creditor who has a well-worn and conservative policy of payment plan; instead, you’re now dealing with a third-party who likely bought the debt at a loss and now is hungry to make as much money out of you as possible.  Simply put, waiting could be the difference between a slight headache and a splitting migraine! 

Persistence.  Persistence means to keep calling the creditor to get the best deal.  That means relying on some standard negotiation tricks:

1. Ask for the supervisor with the most authority, and be consistent in your story while you go up the chain of command.  Be earnest; after all, at the end of the day, you’re calling for help;

2. Never accept the first offer too quickly.  Always ask “can you do better?”  Keep previous offers in writing around so that you can compare and make sure to get it in writing from the creditor via e-mail or letter;

3. Ask questions to find out how knowledgeable the creditor is of their rights.  Take careful notes, sometimes creditors slip and tell lies of what they can and cannot do, violating strict FDCPA laws.  You can later bring this information to an attorney to review.

Patience.  Finally, patience is important.  Deals may not happen the day that you call and that’s okay.  Sometimes, lawyers are already involved and the attorney needs to relay the offer to the client.  It may be frustrating but patience will have to be a cornerstone of any debt negotiation.  Now, if a garnishment has already started, time is of the essence and you may be past the time for patience and need action.

Chicago, Call the Shimotake Law Firm today at (312) 934-5886!  For a Fresh Start!

The Three P’s (Proactive, Persistence and Patience) will help you get through those tough creditor or two.  However, if you feel that you need help, that’s okay too.  Call the Shimotake Law Firm today for your free evaluation at (312) 934-5886 today!