You want to pay your bills, but lately it’s impossible even to meet the minimum payments or due dates. You also want help, but all you’re getting are hassles from creditors. What do you do?
First of all, it’s difficult to negotiate with a creditor who has been ignored. Therefore, you should deal with creditors directly, and not try to run away from them. Most creditors respond best to written requests backed by detailed plans.
Letters aren’t just a formality, they’re required by creditors. The letter should state your financial problem and explain what has happened to cause you to default on your scheduled payments.
Include up-to-date detailed financial statements that show exactly where your debts lie. And don’t forget to include your new monthly budget that illustrates how the creditors will be repaid each month. At the end, you’ll want to request their written acceptance of your proposal.
Now show them the money – include the first agreed upon payment to get the process started. This is your best bet for getting the deal on track quickly. Just make sure that once you’ve made the initial commitment, you stick to it.
To help you along, it’s smart to use an objective third party such as Doyle Salewski. We deal with creditors every day and have helped thousands of people just like you.
Note that if your plan of repayment cannot realistically pay your creditors in full with interest, then you should consult with Doyle Salewski. Only a firm like Doyle Salewski may legally commit creditors to a repayment of only a partial amount of your debt in return for full forgiveness of your obligations to all your creditors.