How to Negotiate with Creditors During Financial Distress | Archived Episode

Not being able to cover the bills sucks. It creates fear in even the bravest mamas’ souls. I know because I’ve been there.

If you are having trouble making ends meet, what options do you have?

In this episode, you’ll learn who to call first, what to say, and what to ask for. I share about how my creditors helped us through and beyond rock bottom and offer encouragement and free resources for those who are there now.

Call as soon as possible, before your payment is past due. They have heard it all and will listen to your side of the story before deciding on a course of action to help you overcome your challenges.

If you don’t call, no one can help you. If you do, the possibilities are limitless!

Before making the call, give some thought to the outcome you’d like to see. Consider the following questions: While looking at your tracking/budgeting app, what did you conclude? Is this a temporary issue for this month or does it go beyond? Can you pay a reduced value this month? What is your plan to rectify your financial situation? 

Increasing your income, developing a spending plan you can stick to, setting up an emergency fund, and developing a strategy for paying off your debt are some suggestions that might assist you in getting your financial situation under control as quickly as possible.

In this episode, listen for:

• Your creditors are waiting to hear from you. They want to assist you and maintain you as a customer.
• What you have the ability to ask for while you are in negotiations with your creditors.
• To avoid having to explain your situation twice, create a shorter version to be directed to the correct person.

In this episode, you’ll also hear:

[4:12] If you’re unable to make even the minimum payment and realize there may be a problem with your payment, call immediately. 

[8:11] Before you get on the phone with creditors, make sure you have access to your most recent account statement and related details.

[12:33] Which questions your creditors might ask in order to get a better understanding of your situation to help bring your account current.

 

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Articles Mentioned 

https://reachingabundance.com/get-debt-free-faster-by-using-found-money/

https://reachingabundance.com/how-to-budget-while-strategically-paying-down-debt/

https://reachingabundance.com/powerful-secrets-to-a-successful-financial-journey-step-2-emergency-fund/

https://reachingabundance.com/how-to-create-your-own-custom-debt-free-strategy/