When it comes to balancing your finances, there will likely be a time when you need to discuss what’s happening with your creditors. There are a multitude of reasons why this might be necessary. You might be trying to get a better interest rate on an existing product, or need to talk about the fact you can’t make that month’s payment.
Let’s focus on when you need to call a creditor to discuss the fact you are struggling to make payments, as it’s the situation with the biggest stakes. While it can be tempting to outright ignore your creditors and bury the problem in the back of your mind, this won’t solve anything in the long run. Facing up to any issues you’re having is vital — and here’s how you can make the conversation go as well as it possibly can.
Have A Plan In Mind
If you’re calling to say you can’t make a payment, then don’t just call to say “I can’t pay this” and expect your creditors to roll over backwards to accommodate you. If it’s a temporary situation, this might work, but it’s unlikely. It’s even more unlikely if you have mounting debt problems; creditors want to hear the issue itself, but they want to hear a solution to it too.
So you need to know what you’re going to do about it. You need to talk about how you have been reading up on debtconsolidation.co and have been thinking about consolidating your debts. Or you need to explain you have entered a debt management plan, such as those discussed at chicagotribune.com. By presenting your case as something you’re working to resolve, you’re likely to get a fairer response from the creditor.
Explain Your Circumstances
There is no point being shy with a creditor; if you’re in a financial tangle, then you need to tell them about it. Promising to make payments that you’re not going to be able to afford is just going to weaken the relationship. If you’re really struggling, then you might be surprised at how willing they are to help — potentially with massively reduced payments to help you get back on your feet.
Creditors should work with you to help you become debt-free; they’re not the enemy. So give them the information they need to assist you.
Don’t Get Upset Or Angry
Now, of course, there is a chance that a creditor is going to tell you something that you don’t want to hear. When you’re nervous about the call to begin with, your emotions are heightened, and bad news is going to hit you all the harder. However, it’s important to try and keep a lid on this as far as you possibly can. Shouting at someone to help you is going to do very little; it might make you feel temporarily better, but chances are they’re not going to be receptive.
If you’re really struggling to cope with your response, then politely end the call, regroup, and try again. It might help to send your dilemma via email instead, as you can outline your points without worrying about your emotions getting in the way.
Talking with creditors is tough, but it is possible. Good luck.