Debt Negotiation: Negotiate Away Your Medical Debt

Medical debt affects millions of households around the country and can often be debilitating on the quality of life for those struggling to pay off medical debt while still managing the household and all the expense of raising a family. There are ways to work around your medical debt that will pay off the debt as well as protect your credit rating and score. To find a way to dealing with medical debt before it goes into extreme financial consequences, like garnishments and collections, you should consider the possibilities of debt negotiation and other credit counseling services.

Debt negotiation is a form of debt management that allows you, or a representative for you, to negotiate with your medical creditors for a lower pay off amount, lower monthly payments or lower interest rates. The art of debt negotiation can be learned and you can take control of your own medical debt or if you feel unconfident about the process there are credit counseling organizations who can negotiate your medical debts for you.

Before you start calling your medical creditors, you need to have a handle on all your medical debt to know how much you owe to whom and what the terms of the loan or account are. To know this you need to make a list of your medical debts with the following information: creditor, creditor contact information, amount of the debt, monthly payments, and interest rate. Highlight the interest rate and balance for each debt, these two items will be your main bargaining chips when you call.

There are a few key things to know before calling to negotiate your debt. You must speak with someone who is authorized to negotiate or make changes to your account. If you only speak to the first person who answers or a customer account representative, then you are wasting your time and potential negotiating power in the future. Specifically ask for someone who can negotiate your account and wait until the right person is found. The best negotiation you can use is offering a lump sum payoff to pay the account off at a lower rate than the current balance. If you have money to work with, this is your best course of action and can work great with medical bills. While, the creditor will be losing out on potential interest, they will be getting a guaranteed payment.

If you are unable to convince the creditor to take a settlement amount, the next best thing is to talk down the interest rate. This can save you hundreds, even thousands, off the life of the loan depending on the amount and length of the initial loan. Both of these methods can be extremely powerful ways to handle medical debt and should be considered before taking a more extreme approach, like bankruptcy

Your medical debt can be managed and you can find away to get out from under the suffocating medical debt you face. Debt negotiation is a great way to take control of the situation and not allow creditors to push you around while still respecting the role they play in the financial world and to your credit rating. Debt is an ugly four-letter word, but a reality in every household across the country and around the world. Don’t be intimidated by your debt and be paralyzed by fear, instead find confidence and take control of the situation. You will find your self on your way out from under medical debt and toward a brighter financial future. 

Don’t let a history of bad debt keep you from having the things you want or need.  There are answers to your bad debt problems.

If you’re interested in taking action and improving your credit status to get approved for better credit cards with lower interest rates, then download our Credit Repair Swipe File, which consists of over 20 proven dispute letters to remove negative, inaccurate information from your credit report.  Just copy of and paste, and input your contact information and watch the negative items fall off your credit reports.  You have nothing to lose, it’s absolutely FREE.

Talk Down Your Credit Card Debt

Debt Negotiation: Talk Down Your Credit Card Debt

Credit card debt is the number one form of debt in the country and every day more and more Americans are finding themselves in deeper and deeper with credit card companies. When the payments seem high and many and the interest rates are beyond comprehension, you may be looking for relief. Debt negotiation can bring relief to the situation and allow you to fight for your hard earned money and still make your creditors happy.

Debt negotiation is a form of debt management that allows for the debtor or a representative of the debtor to negotiate the terms of the loan with the credit card company to reach a settlement amount and form a pay off or reduce the interest rate, thus bringing relief to the debtor. What this means for you is a way to pay off your credit card balance while saving a little money or by bringing relief to your monthly payments and shortening the amount of time it takes to pay off your balance by decreasing the interest rate.

The first step to successful debt negotiation is to know as much as each of your credit card accounts as possible. Pull out all the information for each account you have a make a short list of the following information for each account to have readily available when you call. You need to have the account balance, monthly payment, interest rate, creditor and full creditor contact information. Knowledge is power in this instance and the more you know about the company and how the company compares to your other accounts, the better the negotiating power you have.

While, credit counselors are trained in the art of debt negotiation and if you are absolutely unable to make the calls and negotiation yourself, you can find a credit counselor who offers debt negotiation services and have them make the calls for you. With that said, with a little courage and some confidence you can negotiate your own account and contracts with great success and a few tips.

Tip #1: The most important thing to remember when negotiating with your creditors is that you MUST be speaking with someone authorized to make changes to your account, otherwise you are wasting your time. Only certain supervisors are authorized to offer settlements and make changes to accounts and most people you talk to are only there for customer service and billing calls. Ask for a supervisor or account specialist before starting your pitch.

Tip #2: Put together some pay off money and know your back up bargaining chips. The best thing you can do is offer a pay out or settlement offer. To do this you need a lump sum that you can pay them to settle the debt if they agree. If you are unable to offer this, then you need to have the information in front of you to negotiate other conditions like a lower interest rate. For this you should have other credit card offers and accounts in front of you to offer what other companies are offering you. Many credit card companies would rather meet a lower interest rate, than lose your business.

Tip #3: Don’t take no for an answer. What this means is that if they don’t go for a settlement or pay out option, don’t give up! Instead ask for a lower interest rate or a loyalty credit to your balance. If they are resistant to lower your interest rate tell them you have other offers that you have been considering transferring your balance to that offer a lower interest rate. They will often at least match it, if not beat it. Even if your account is default, they would rather you stay with them and pay it than close the account and leave their company.

Debt negotiation can be a great tool for lowering your interest rates, monthly payments or finding a way to pay off credit card debt. These tactics can all bring success when partnered with a confident attitude and understanding of the credit card industry. With a little work and negotiation you can be well on your way to a life without credit card debt.

 Don’t let a history of bad debt keep you from having the things you want or need.  There are answers to your bad debt problems.

 If you’re interested in taking action and improving your credit status to get approved for better credit cards with lower interest rates, then download our Credit Repair Swipe File, which consists of over 20 proven dispute letters to remove negative, inaccurate information from your credit report.  Just copy of and paste, and input your contact information and watch the negative items fall off your credit reports.  You have nothing to lose, it’s absolutely FREE.

How to Write A Credit Repair Dispute Letter

           Are you happy with your credit report? If your score is 700 or above, you might be but if it is 600 or below, you should worry because you will be paying more when you try to get a loan or purchase something. If you believe that your credit score should be higher, you should know how to write a credit repair dispute letter.

            Before you can write your credit repair dispute letter, you must first a copy of your credit report. You can get this for free from one of the three credit agencies namely Equifax, Experian or Trans Union.

            When you get the copy, review it carefully and check if there are any errors. Take note of each one and then being composing your letter.

            Since the credit agencies gave you the report, the errors you want to dispute must be addressed to them. Since the report from the three credit agencies may be different, it will be a good idea to send each one a copy so everyone is on the same page with regards to your credit standing.

            Don’t make the mistake of putting all the errors in one letter. It is best to dispute each claim one at a time so the credit agency will not think that you are simply pulling their leg. You don’t have to wait for a reply before sending another one it is just that each claim must be handled delicately so a proper investigation into the matter can be done.

            You should give the credit agency time to reply to the claims you have disputed. This is because the credit agency will conduct their own investigation before sending you a reply. To make their work a little easier, send supporting documents when you write the credit repair dispute letter.

            It may not be a big deal but when you write a letter to the credit agency, it makes a huge statement, so consider writing it rather than typing and printing it on paper.

            To prove a point, it is best to use strong words like erroneous, outdated, misleading or unverifiable. Remember, you don’t have to explain in detail why you are complaining because the supporting documents and an investigation will make the truth come out.

            For people who have never written a dispute letter before, there are some samples available here.  Just change the name, the date and a few other detailshttps://thecreditrepairqueen.leadpages.net/creditrepairswipefile/ because your concerns are different from what was laid down as a guide.

           When you finished writing the credit repair dispute letter, mail it using the postal service and just wait. Normally, it will take 2 weeks to 45 days before you receive a response. If the investigation has shown that you are right, you will receive a new credit report 2 to 4 weeks later with a higher credit score.

           Since 1970, the Fair Credit Reporting Act of FCRA has been in place to give people the opportunity to dispute the claims that are printed on their credit report. If you feel that the report is false, don’t just accept it but take steps so this can be changed.

         Now that you know how to write a credit repair dispute letter, get a copy of your credit report and then review it thoroughly.

       You can follow our proven steps to the credit repair process to start improving your credit status and your overall quality of life.  Cheers to Financial Freedom!