Appeal to the Debt Collectors Sense of Compassion

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When you are negotiating a debt settlement, it is important to appeal to the debt collectors‘ sense of compassion.

Understand that a debt collector is also human. This may be hard for anyone to believe as most times they portray themselves as being leeches.

Express the dire situation that you are experiencing and try to get the debt collector to relate to your situation.

By taking this approach, you will strategically get the debt collector on your side and you may find that the debt collector will go to bat for you. In a sense you will have a ‘friend on the inside’ trying to convince the ‘powers that be’ to accept the settlement offer that you are making.

Proceed with caution however. Debt collectors are trained professionals. They also have access to your credit report and can decipher to a certain extent how strapped you most likely are.

Something else to keep in mind. Some debt collectors work on commission. This being the case, you might get lucky and talk to a debt collector that is so close to hitting their bonus that your settlement offer just might put them over the top. It just might serve you well to make the settlement call towards the end of the month.

Check this out. Explain that you may not be able to raise the kind of money that you are offering towards the settlement for a long while. Make it clear to the debt collector that if they do not accept your settlement offer now, you will be calling the next creditor on your list and offer them the money.

In today’s litigious environment and the shape that the economy is in, you might find that debt collectors are more willing to listen and accept offers to settle outstanding debts.

Currently, the leverage is tilted towards the consumer. There should be no reason why you should not take full advantage of this fact.

It is not unheard of for settlement offers to be as little as 25 percent. That is 25 cents on every dollar that is owed.

With all that you have read thus far, do not be so stubborn to refuse a reasonable settlement offer.

If 70 percent is the best it’s going to get, take it. Just be sure to get the creditor to agree to delete the account from your credit report or at the very least report the account favorably on your credit report.

Debt collectors cannot help but be hot heads and the leech in them may rear its ugly head. (If leeches have heads.) Just don’t lose your cool. Stay in control.

If the debt collector refuses to cooperate with you, kindly terminate the call and try another day. You might get a more reasonable debt collector to take your call.

Look, there is nothing wrong with using all that you can to your advantage when it comes to negotiating a debt settlement offer.