Debt Negotiation With Collectors - Franklin Debt Relief

Debt Collection Negotiations

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If you successfully complete our program, it’s possible that you’ll enjoy these benefits:
	Settle your debts for less than you owe
	(read here for full details about how much you can expect to save)
	Resolve your unsecured debts in 18 to 60 months
	(read here for full details on how long our program lasts)
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Negotiating With Debt Collectors - Part 2

1. Lowball what you can afford. In the debt negotiation world, “I can afford $500” really means “I can afford $1000.” It is important to communicate with debt collectors in the language they understand. Part of this has to do with the skeptical mindset held by many in the debt collection industry, but much of it has to do with the fact that the collector wants to feel like they got as much as they possibly could have from you.

2. Memorize the Fair Debt Collections Practices Act (FDCPA). This dictates what debt collectors are allowed to do. In the event a collector crosses the line, let him or her know. Nothing puts a collector on the defensive more than a consumer who is knowledgeable about their rights.

3. Provide a written statement demonstrating your hardship. Again, most collectors like to know that they got as much from you as possible. If you provide documentation of a reduction in income , medical issue, or anything else that will show that your inability to pay in full is the result of circumstances beyond your control. Just remember to protect any important private information like your place of employment or checking account number in any documentation or statements that you submit to them.

4. Time it. Negotiations are much more likely to result in favorable outcomes at the end of the month or at different periods of delinquency. Most collectors’ performance is based on their monthly numbers. If a collector is short of their quota or needs one more deal to get a higher commission, many will be tempted to offer highly favorable deals to accomplish this. Other times you can get a highly advantageous offer right before the debt is set to be moved to another collection agency.

Negotiating with debt collectors got you down? Please feel free to call (877) 274-1260 or fill out a form and we’ll contact you as soon as possible.