Welcome, visitor! [ Register | Login

Post an Ad

Tips when talking with your creditors or contacting them by phone

Financial recovery March 24, 2021

Contact Your Creditors

Consider the following tips when talking with your creditors or contacting them by phone:

  • Document the conversation. Write down the name of the creditor and representative(s) you spoke with, the date and time of the conversation, and the discussion points or decisions made by you and the creditor.
  • Do not yell or curse at the representative. Many creditors want to work out a solution to the debt that works for you and your budget, so stay calm. If you start to get frustrated, thank the representative, end the conversation, and try speaking with another representative or supervisor later. If the creditor is not willing to work with you, you may want to consider using a reputable credit counseling agency to help you negotiate a better deal.
  • Ask if they offer “hardship” programs for customers having financial difficulty. “Hardship” is a key term to use when seeking a temporary reduction in your monthly payment and interest rate.
  • Be honest with yourself and your creditors. Do not accept any deal that you cannot fulfill. Be firm in stating what you can realistically pay and when.

 

Following the conversation:

  • Send a letter to the creditor summarizing the agreement you made. Keep a copy for your records.
  • Stick to the agreement made and contact the creditor immediately if you cannot meet your obligations.

If initially contacting your creditor in writing:

  • Provide your name and account number.
  • State that you are unable to meet the minimum monthly payment on your account.
  • Inform them of your financial difficulties. Be specific about your:
    • Budgeting and debt problems (e.g., state the number of creditors you owe, the total amount you owe, your net monthly income, and amount you have after paying basic living expenses)
    • Reasons for these difficulties (e.g., due to unemployment, illness, or disability).
  • Explain the actions you have taken to evaluate and improve your situation (e.g., set up a realistic budget, and sought financial counseling).
  • State your request (e.g., reduce the monthly payment, defer a payment for a month, or accept a payment in the amount of X on Y date).
  • Include the date in which you plan to return to your regular monthly payments if known.

No Tags

328 total views, 1 today

  

  • Debt Collectors -Recovery Services - PA & VA

    by on February 24, 2021 - 0 Comments

    Entity Address Telephone Monarch Recovery Management, Inc. 10965 Decatur Road, Philadelphia, PA, 19154 (215) 281-7500 Monarch Recovery Management, Inc. 9350 Ashton Road, Suite 101, Philadelphia, PA, 19114 (215) 281-7500 Central Credit Services, Inc. Five Neshaminy Interplex, Suite 117, Trevose, PA, 19053 (215) 333-2272 Tate & Kirlin Associates, Inc. 2810 Southampton Road, Philadelphia, PA, 19154 (215) […]

  • Credit Counseling Agencies :EASTERN DISTRICT OF NORTH CAROLINA

    by on February 1, 2021 - 0 Comments

    Alliance Credit Counseling, Inc. 13777 Ballantyne Corporate Place, Ste.100 Charlotte, NC  28277-3433 Phone:  888-594-9596 Fax: 704-943-0313 Email:  kevin@knowdebt.org Website:  www.acc.consumerbkcenter.com, www.crisishelp.org, www.knowdebt.org Debt Management/Credit Counseling All Names Used: Alliance Credit Counseling, Inc., AAAlliance Credit Counseling, Inc., AAA Alliance Credit Counseling, Inc.  Addresses: 15720 John J. Delaney Dr., Ste.100, Charlotte, N.C. 28277, 7621 Little Avenue, #100, […]

  • How to calculate Monthly Income and Expenses - Case study

    by on January 25, 2021 - 0 Comments

    Monthly Income and Expenses   Once you know your monthly expenses, you can use a Monthly Income and Expense Worksheet (similar to the one on page 8 of your Participant Guide), a money management software program, or an online budgeting worksheet to determine: How much money you have coming in (income) How much is going […]

  • 5 Tips for Getting the Most From Your Credit Card

    by on March 9, 2021 - 0 Comments

    Pay on time. Paying your credit card account on time helps you avoid late fees as well as penalty interest rates applied to your account, and helps you maintain a good credit record. A good credit record leads to a higher credit score, which helps you qualify for lower interest rates. Know the date your […]

  • Seeing Through Stimulus Scams

    by on January 22, 2021 - 0 Comments

    Seeing Through Stimulus Scams With talk of stimulus plans ruling the news, it’s no surprise a new round of stimulus scams are afoot. Here’s how it goes: An email, online ad, or website says you’re eligible to get an economic stimulus payment. You just have to send back a form or submit one online to […]