min read

Negotiating with Debt Collectors

Updated on
March 16, 2024

When you struggle under the many burdens of having debt, the problems seem to never stop. Bills are always coming in, finances are tight, and debt collectors call all the time. While it may seem like there are limited options to get out of a situation like this, there is help available so that you can get out of debt and resolve all of these surmounting problems.

Bankruptcy is not always the best option and, although the road may be long, debt collectors can sometimes be negotiated with to try to resolve debt matters without court appearances and with minimal negative impact to a future credit score.

A debt settlement can be negotiated a number of different ways, but the goal is always the same: to eliminate the debt in a way that is beneficial to both parties. Remember that credit companies are usually willing to negotiate because even having some money would be better than seeing none of it.

They also prefer to avoid court fees and lawsuit paperwork, so the debtor has a little “wiggle room” usually. You could try to negotiate directly with the company that you owe, however more often than not you would be going through a debt collecting agency.

The strategies involved in debt negotiations range from simply reducing monthly payments or interest rates, which tends to fall under the category of refinancing, to getting rid of late fees or extra payments aside from the original debt amount. In some instances, the creditor will work out a lump sum for the debtor to pay in lieu of making regular payments. This is usually a good option to take because it usually costs less in the long run if the amount could be acquired immediately.

No matter how you decide to proceed with managing your debt, it is always a good idea to have an advisor on your side when negotiating with debt collectors. A good debt settlement agency will fight for you so that you can receive the best option available and return to a normal, debt-free life.

At Cain and Daniels, we are committed to helping you and all afflicted by debt find the best way out of it possible and be your liaison in negotiations and find the best strategy to get out and stay out of debt forever.

Speak to a Debt Specialist Today

You will always know your settlement amount before you hire us to represent you.