If you are having trouble making payments as you deal with overwhelming debt, you might be considering negotiating with creditors to get your debt reduced. Although debt negotiations are an effective way to get rid of debt, it isn’t a process you should take lightly. Your negotiation tactics will ultimately affect the outcome of your case. For such reasons, it is important that you prepare accordingly to ensure you are taking the right steps – especially if you are dealing with particular creditors.
How to Negotiate with Specific Types of Creditors
The way you negotiate with your mortgage lender may be different than how you negotiate with your credit card company. To give you an even bigger advantage during your negotiations, our New York debt relief attorneys have put together tips to help you negotiate with your creditors.
Credit Card Companies
If you are having trouble making credit card payments, you may consider negotiating with your credit card company. Thankfully, negotiating with credit card companies should be more straightforward than most. We suggest taking time to write a letter to the credit card company explaining your debt situation and proposing a reasonable settlement amount. You should still have an experienced attorney guide you through the process.
Read our blog to learn how to write a negotiation letter to your creditor here.
Mortgage Companies
Negotiating with mortgage companies is much more complex than negotiating with a credit card company. This is because mortgage companies often offer different options for lenders who can’t make payments. They may offer forbearance agreements, repayment plans, loan modifications, and more. Your options will depend on the company’s guidelines and your unique situation. If you need help negotiating with your mortgage company, our team at Jacovetti Law, P.C. can guide you every step of the way.
Motor Vehicle Secured Loans
If you are having trouble making car payments, you might be able to negotiate with the lender or leasing company to get lower payments, get an extension of time to make the delinquent payments, or cancel your car lease.
Negotiations are never easy. Contact our New York debt relief attorneys today at (516) 217-4488 to schedule a consultation!