admin If you feel you will have problems repaying your loan, do not bury one’s head in the sand, start to renegotiate and we can help you.
STEP 1: Use the overview of the loan situation. Get a copy of the most recent credit report and billing statements to come up with a list of all the creditors and how much the client owes.
STEP 2: Prepare negotiation of loans conditions
Formalize arguments to negotiate the loan terms for the client after understanding the situation in figuring out how much he is able to pay based on budget calculation.
Write to each creditor and let them know the client is willing to pay the debt but with a review of interest rate or extending the time of reimbursement to reduce the amount of monthly payments.
STEP 3: Start negotiation
The credit issuer may offer a hardship plan that will lower payments or interest rate for a period of time. If the customer service rep says no, don’t fight or argue; simply ask to speak to a supervisor and make your request again. Be sure to get any agreement in writing, preferably on company letterhead before making payment.
STEP 4: Be prepared for a counteroffer
STEP 5: Get the agreement in writing
STEP 6: Secure the integration of the budget monitoring behavior and agree to have regular check-up with the clients
Often financial institutions are open to finding solutions and renegotiating