During economy downturn, many Americans are stuck with their financial issues. They fail to repay their debts and they find it extremely hard to face their creditors. Seriously speaking, we need to be responsible and we can’t run away from our debts. We are required to get rid of the outstanding in a professional way. It is time to pick up the skills to negotiate with creditors. Let me share with you some key points:
Point No.1: Determine your objectives
Ask yourself the following questions:
• What is negotiation?
• Why do you need to negotiate with your creditors?
• What is the main objective of negotiation?
• What is the scope of your responsibilities?
Please bear in mind that your intention is to discuss with your creditors to find out the solution to solve your financial issues. You don’t mean to take advantage from your creditors. When you request for debt reduction, you must be able to justify your financial position. Besides, you are reminded to evaluate your financial ability before you make any promise.
Point No. 2: Plan and prepare for the negotiation process
It is important for you to plan and make necessary preparation before you start negotiating. Please follow the points below:
• If you have a few creditors to deal with, you need to decide which creditor you would like to tackle first.
• The next thing you need to determine is the time. Selecting the right timing is very important. When should you start the negotiation process?
• You are advised to work out a checklist of key questions which you need to ask your creditors before negotiating. Don’t just contact your creditors without doing any homework.
• Ask yourself honestly whether you are physically and psychologically fit to bargain.
Point No.3: Apply the right negotiation techniques and methods
Having the right negotiating style is essential. You must know what type of opening statements you can use to provide good impressions to your creditors. You must pick up a few useful skills such as listening skills, questioning techniques and communication skills so that you can have more confidence in bargaining with your creditors.
In order to reduce your debts in an effective manner, you need to apply a PEACEFUL approach when you deal with your creditors. Never negotiate with your creditors when you are in bad mood or when you are too emotional. You should look forward to having a win-win situation with your creditors. Best of luck to you!