Tips on Dealing with Creditors

The main thing to remember in dealing with creditors is they can not be ignored and neither can your bill. It may be that you can not pay it on time or due to unforeseen circumstances, pay it at all, but you must be able to communicate with the creditor. Also, when speaking to someone regarding your account, make sure you know who you are talking to, the creditor or a collection agency. The following are some tips and advice you can use when dealing with the creditors on your own.

1. Be honest with your creditors. If you have received a Past Due Notice from one of your accounts and you know you cant pay it back right now, it is best to call them and let them know you will not be sending any money to them at this time. It is preferred that you do this before being late with your bill; however, there are circumstances that come up that prevent you from doing this.

2. Do not promise to pay money on your account when you know it wont be there. Most creditors are happy to work out a solution for you. If you cant pay anything to them this month, they may be okay with you making a payment the following month. However, telling them you will and not following through will only make them less lenient with you and your account. Also, if a repayment plan is one you can not afford, tell them it is too much.

3. If you are speaking to an account representative and they tell you they can not agree to the solution youve given them, ask to speak to their supervisor. It may be you simply need to speak with someone with more authority.

4. Before you agree to a solution, be aware of any penalties they may place at the back end of the account, such as any fees or higher interest. The solution may sound okay to your current needs but may hurt you in the end.

5. If your creditor offers you three months interest free, find out how far they are willing to help and ask for six months. They may not agree, however, this is something a collection agency may offer you so they may allow it.

6. When coming up with a solution to the repayment of your debt, ask the creditor if they will re-age your account. What this means is that your current month due would become the first repayment. This in turn, would show your account as current and not past-due.

These, of course, are only some of the things you can do in working with your creditor to come up with a solution for the repayment of your debt. While not every one of them will work all of the time, the most important thing is to be honest with your creditors and not to be intimidated by them. They have a job to do and in one respect, it is the same as yours-to get your debt paid. Work with them amicably and you might be surprised how far they are willing to go to help you.