What Can I Do When My Creditors Reject My Debt Settlement Proposal
For debtors who intend to settle your outstanding balances through settlement letter, you are reminded to get yourself mentally and psychologically prepared. Don’t aim for great success during your first attempt. In general, the creditors usually reject the first settlement offer. Don’t be upset. It is NORM. You are advised not to give up easily but put in more effort to try harder. In order to get rid of your debt smoothly, you need to work smart. Here are some steps you should take after you have failed in your first trial.
- Review your first settlement offer and set a new offer
Your request for debt reduction might not be reasonable in the point of view of the creditors. Your creditors may think that your request is “too over” and you are taking advantage from them. In this situation, you are advised to draft your second letter. You are recommended to increase your settlement amount by 10%-15%. Try to increase your offer gradually. It will be good if you can look for rooms to counter offer your creditors. Here is a smart tip for you. Don’t reply to your creditors immediately once you receive their letters. You should write a new request to them after one month. Don’t show that you are too desperate to eliminate your debt.
- Contact the officer in charge through phone
Communicating through letters may not be a good way to know the exact reason. Hence, you are advised to call up the officer in charge of your account to find out more about the rejection. It is much direct for you to brief him or her about the hardship you are facing. If the creditors inform you that they totally don’t accept debt settlement, then you should stop negotiating with them. Don’t waste your time and you should look for other alternatives immediately.
- Look for debt relief company or attorney for professional assistance
If you have lost your confidence on yourself to handle your debt issue, you are advised to look for professional service providers to help you. There are experienced representatives who can assist you to deal with your creditors on your behalf. They are able to reduce your total debt too. The only thing here is you need to bear certain cost for the services.
Having failure in your debt negotiation process? No worries and stay cool! There are many other ways to overcome the problem.
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