In mid August of 2009, I started calling the bank to negotiate a debt settlement on my credit cards. Was I nervous?
HECK YEAH!!!
This was the first of many pro-active calls I made. I had written a cheat sheet to make sure the call went smoothly. Here's what was on it:
1. Stay calm, sincere and friendly.
2. Keep the call short and direct.
3. Explain that I am experiencing a financial hardship.
4. Explain that I am father of 2 and husband, doing my best to take care of my family.
5. Don't offer any information regarding my specific place of employment.
6. Don't make a payment. Never. Ever. Ever. Ever. JUST DON'T DO IT. This will kill the process and you'll have to start over again.
7. Don't allow the rep to get me angry or defensive.
8. Don't mention debt settlement yet!!!!
All of the above was true for me. This is an important aspect of the debt settlement process. You are telling the bank a TRUE story. If you start lying, they will likely catch you and the process will crumble. As a reminder, debt settlement is NOT a way to avoid your debts. It's a way to recover from financial hardship while attempting to offer your bank a portion of the money owed.
During the call, I expected to be scolded by the teacher for being extremely tardy to school.
But really, it was more like, "We understand. Thank you for your call. Let us know when you are back on your feet."
Keep in mind, this was during the first 30 days - not serious delinquency yet.
I don't imagine it will be this smooth for everyone, but it was for me.
But here's a reality check for everyone: Don't get too comfortable. IT WILL GET NASTY!
Surprisingly, not all of the reps were nasty, but when you're dealing with people, you are subject to good and bad moods. When you catch someone in a good mood, you'll get a better deal. Bad mood, bad deal. Sounds arbitrary, but it makes sense. Sure there are settlement rules for the bank, but there is also leeway. Ask yourself this question:
Who do you think will get a better deal?
The angry indignant customer?
or
The father of 2 who is calling every 2 weeks, telling his story with humility and offering to pay a portion of the debt?
In an upcoming article, I'll share with you what happened when I got on the phone with a collections rep who was not having a good day. Let's just say, I used every technique in the book to land that settlement. :-)
Stay tuned. Stay afloat. Wealth and freedom are in your future.
Jonathan
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