Even a person with zero knowledge about finances will admit that credit card issuers and other unsecured lenders will have to be convinced to reduce debt balances by 50% to 60%.
Would you be prepared to give a 50% to 60% discount on the products you sell or the services you offer? Will you be prepared to accept just half salary for the rest of your life? Chances are high that you will simply ask the consumer to forget the entire deal.
In the same way, credit card issuers too will not be keen on offering generous discounts without any argument or discussions whatsoever.
Just keep the following points in mind when you are trying to convince your creditors.
Firstly, always point out the fantastic advantages that the settlement will offer for the credit card issuer.
A problematic customer will stop bothering the credit card issuers.
They will recover more money than what they expected.
Since they have already written off the loss, it will show up as profits in their books.
They will enjoy patronage of the government because they have offered generous discounts and avoided bankruptcies.
Make sure you specify all these advantages in detail.
The maximum extent possible, avoid explaining how the settlement deal will offer benefits to your finances.
Of course, the card issuer will try to raise the issue again and again You will have to follow the same approach that the credit card companies did when they try to convince you to go in for a card.
You simply have to reiterate the fantastic benefits that the card companies going to enjoy.
You can easily point out that you will just barely escape filing for bankruptcy.
Further, you can point out that you still have the obligation of replaying the credit card debt in full less the amount owed.
In such a scenario, your negotiation skills will be utilized to the fullest and you will secure a 50% to 60% discount.
You can also point out that prompt repayment of the balance amount in a faced manner is going to teach you how to manage your finances better.
In such a scenario, you will definitely consider going in for a credit card again.
This will probably provide additional benefit to the credit card company since you would be returning as a new and improved borrower.
Make sure you specify all this points to convince your creditor to offer a generous settlement deal.