If you contact your creditor by phone
always ask for their name is and make note of it. This puts you in
more control and helps keep your records accurate.
"Hello, My name is John Smith, who am I
speaking with? Yes, the reason I am calling you is to speak
to someone about my account"
Ok, here's my account number________________________
If you need my social security number it is __________________________
Now, your creditor is reviewing your
account and knows that your account is in trouble. Remember
to keep your composure thought your conversation and try to be
down to earth, (even if you feel like yelling inside).
Use active listening when dealing with
your creditor but DO NOT give them any information.
You are calling them to find out what your
balance is as well as penalties, the interest owed, and the past due amount.
Pointers to stick to and return to during
your conversation with the creditor:
>> "My intent is to satisfy this debt"
>> "My financial situation has taken
a dip since this account was started"
>> "Please work with me on this so I
can make payments on this that I can actually afford"
>> "I don't want to file a bankruptcy so
instead I would rather do it this way"
>> "I am really putting in the effort to
satisfy my debt"
>> "This situation I am in is only
temporary"
Your goals should be outlined as
follows:
>> Get your interest stopped or at
least lowered.
>> Stop any and all penalties.
>> Establish a payment plan you are
comfortable with and that you can maintain realistically.
You should always include the words "please" and "thank you"
as part of your conversation and always keep you cool!
If at any point in the conversation feel
as if you lost control or simply lost or together, just excuse yourself
and say:
"Excuse me (person’s name), may call you
back in a little while? May I have your extension and phone
number. I've got a little emergency to take care of. I will need to call you back
in a bit. When's a good time for you?"
