December 14,2006

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  Negotiating With Collectors

  Most folks don't want much, if anything, to do with collections agents. Nobody likes being harassed, and that's basically what debt collectors do for a living. Much like the tax man, the debt collector has a job that basically cuts their popularity, just by clocking in each morning.

  
  Our irrational hatred for our debtors, fueled by our own frustration with our debt situations, may lead us to lose sight of the face that collection agents are just trying to get money from you. Following this line of logic, it's not surprising that, if you can offer some money to your creditors, you may appease them to some degree.

  
  Being proactive and attempting to set up a payment plan is a good first step. But, be prepared to really bring something to the table! When you consider what you can pay each month, consider the maximum – the amount you can pay back if you give up going out, switch to a cheaper cable plan, and forego a lavish Christmas this year. If you are giving all you can, and collections doesn't want to work with you, consider striking a bargain with your original debtors – your credit card company. Either way, be sure to get your agreement in writing once you've hashed out a realistic amount. Don't agree to more than you can feasibly pay, just to be agreeable and end the conversation... reneging on your end of the deal will only make your situation worse.
  
  
  
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