Creditors vary. You can encounter creditors who are inconsiderate and unreasonable but there also those who are willing to negotiate. The fact is, most creditors are willing to negotiate for debt repayment, but you need to make the first move. Your creditors will simply send you communication and notifications as a reminder of your debts, but if you fail to respond, your account will be forwarded to collection agents.
These agents will make your life miserable as they will call you day in and day out. Even if you get angry, these agents will bother you at almost any time of the day. At this point, it can be hard to talk to the creditor since your calls will always be forwarded to the collection department or agency.
To be able to negotiate with the creditor, you need to prepare all the documents you need. Get the bills, paid and unpaid ones. In one document, you have to state all the reasons why you were not able to make the monthly payments. Take note – all your reasons should be valid.
Present the documents to the creditor and request for a negotiation. In the end, it is still the creditor who will decide the method on how you can repay your obligations. Conversely, if you have already stated the reasons for payment delinquency, there is a high chance that the creditor will give you an extended period for repayment and with lower monthly payments.
Facing the creditor may not be a very comfortable situation, but it's the only way to settle your debts. You must have the courage to meet with your credit, but you need to be prepared so that you can be granted with the best debt relief solution. After getting the favor, you must ensure on-time payments.