How Do You Negoiate With Creditors?
Hello all
I have a utility bill for $4000 and a student loan for 4500 and both are in collections . My father and my grandmother are willing to pay them for me as a personal loan. Both the companies said they would settle for 80%. The student loan people will give me 90 days to pay $3500 but the other collectors will only give me 60 days to pay $3200.
Is it possible to get these settlements down to 75% or get at least 90 days for the utility bill too. How do I go about negoitating with these people?
Has anyone else had a differnt outcome by negoiating?
I really need both these accounts taken out of collections right away. Well let me state that different after I make the first payment towards the settlement. Would it be crazy for me to ask them for that. If they actually agreed to take it out of collections right away should I ask them for a contract?
Oh all thanks for all suggestions so far.
No it would not be crazy for you to ask. They might give you a discount to get all of the money within a week or so. As for a contract, you would just need a very brief letter describing what you agreed on. Something like:
Acme Utilities agrees to reduce the outstanding balance to $XXXX.XX if it is paid in its entirety by April/XX/2005.