Being behind with creditors is a daunting experience. Nobody wants to miss important credit repayments but sometimes life throws you a curveball and you fall behind, making it difficult to get your head above water once things behind to snowball into a bigger issue.
It’s important to understand that as soon as you miss payments, you can expect to hear from creditors, whose main goal is to collect all or as much of the debt as possible. It will often lead to a debt settlement program, which can be the best outcome to avoid bankruptcy, although you need to be able to effectively negotiate with the creditors to ensure you get a good deal.
Therefore, you need to know what to say when negotiating, but also what not to say! There are certain things you should never say to a creditor you are behind with, as it can make the situation even worse than it already is!
Don’t say these 3 things to creditors that you are behind with:
Make Up Excuses
When talking to a creditor over the phone, it’s tempting to say every excuse under the sun as to why you’ve fallen behind on payments. Life can be hard and sometimes problems arise with money and debt, so you need to be 100% honest with the creditors, even if it’s down to your own irresponsibility.
They will have heard every sob story you can think of and won’t have any time or patience for people that lie about their debts. If you are in hardship, tell them this and how you are trying to recover, as this will affect your ability to repay your debt.
Be short and to the point, summarizing your situation in a few sentences while avoiding any dramatic over exaggerations.
Angry or Emotional Outbursts
Falling behind on payment is never good. You’re probably in a very stressful period of your life and struggling to deal with all the problems you’re facing, so it’s understandable that you might be feeling angry or emotional when dealing with a creditor.
However, it’s important the you remain and collected during your conversations. The last thing you need is to say something in an angry or emotional outburst, as it won’t reflect well on you and can influence the final decision of the creditors.
Plus, it’s very easy to say something that you will come to regret when you let your emotions take control, so remain calm! Should you feel anger or other strong emotions building during a conversation, calmly say that you need to call them back and hang up.
Promises You Can’t Keep
It’s tempting to say something that you feel will please the creditors but never make promises that you can’t keep! Many make the mistake of saying they can repay more than they can actually afford, as they hope this will satisfy creditors and give them more time to recover.
Failing to make deadlines that you have made yourself isn’t going to look good with a creditor. It may end up being the straw that breaks the camel’s back, resulting in no more second chances and serious legal consequences.
The Travis Law Firm provides professional legal representation for Chapter 7 & Chapter 13 bankruptcy services for residents of all cities in Riverside and San Bernardino Counties. We have offices in Riverside, San Bernardino, Victorville, Temecula, Cathedral City and Ontario for the convenience of our Inland Empire, High Desert, and Coachella Valley clients. For more information about our bankruptcy law services and other legal representation, call us today at 1-800-BANKRUPT or (951) 274-9501.