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Casual Articles - How to Negotiate Debts - Part 2
As cleaning companies we work with an assortment of cleaning chemicals. Your employees need to know how to use all chemicals they work with and be aware of where the MSDS sheets are for the products they use.Following are safety tips that apply to the use of any product they may be using. Never mix chemicals. Measure all chemicals and mix according to the label
Look at this from the perspective of the creditor/collection agency. Imagine you"re a businessman and you have 100 accounts owing you $1000 each and haven't heard anything for 4 years and suddenly all these past due accounts offered you $500 as payment in full for your updating the credit files. Would you take the money? That's a no-brainer. The most important part of this
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Old debt doesn't go away unless you pay it off. It's that simple. The original creditor might have charged it off. It might be very close to the Statute of Limitations. When you have this knowledge, and some money to pay your old debt, you are in a position to negotiate terms. Remember in the last article when I stated to not talk to collectors on the telephone? That person most probably does NOT have any authority regarding your account. You have every right under the law to seek PROOF OF THE DEBT.
You might want to offer a "settlement offer". That means that in consideration for the creditior/collector accepting agreed upon funds, they have to agree to accept your offer as "paid in full". There have been a great number of letters written regarding paying off "charged off accounts". Present FICO scoring methodology works in this fashion. If an account is reported as "paid charged off account", this action LOWERS your credit score. Today many creditors/collectors are being more and more aware of this failure in the system and have agreed to report the account as "Paid As Agreed" or have "DELETED" the paying history entirely.
There are many pros and cons regarding this type of reporting. However, we cannot agree with the FICO manner in which credit scores are lowered when one tries to pay off old accounts. I have read both sides of the argument and one fact stands out. When you have the money, you have the power. Feel free to excercise your leverage in negotiating your payment terms.
Look at this from the perspective of the creditor/collection agency. Imagine you"re a businessman and you have 100 accounts owing you $1000 each and haven't heard anything for 4 years and suddenly all these past due accounts offered you $500 as payment in full for your updating the credit files. Would you take the money? That's a no-brainer. The most important part of this
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You might want to offer a "settlement offer". That means that in consideration for the creditior/collector accepting agreed upon funds, they have to agree to accept your offer as "paid in full". There have been a great number of letters written regarding paying off "charged off accounts". Present FICO scoring methodology works in this fashion. If an account is reported as "paid charged off account", this action LOWERS your credit score. Today many creditors/collectors are being more and more aware of this failure in the system and have agreed to report the account as "Paid As Agreed" or have "DELETED" the paying history entirely.
There are many pros and cons regarding this type of reporting. However, we cannot agree with the FICO manner in which credit scores are lowered when one tries to pay off old accounts. I have read both sides of the argument and one fact stands out. When you have the money, you have the power. Feel free to excercise your leverage in negotiating your payment terms.
Look at this from the perspective of the creditor/collection agency. Imagine you"re a businessman and you have 100 accounts owing you $1000 each and haven't heard anything for 4 years and suddenly all these past due accounts offered you $500 as payment in full for your updating the credit files. Would you take the money? That's a no-brainer. The most important part of this
Have you heard that you can make money blogging? Well it is true, you can make money blogging but it’s going to take more then just setting up a blog and making a few posts. It is going to take some good content on your blog to get the visitors to come and to click on your links.If you want to make money blogging, you are going to have to have content on your blog that people want to see.
There are many pros and cons regarding this type of reporting. However, we cannot agree with the FICO manner in which credit scores are lowered when one tries to pay off old accounts. I have read both sides of the argument and one fact stands out. When you have the money, you have the power. Feel free to excercise your leverage in negotiating your payment terms.
Look at this from the perspective of the creditor/collection agency. Imagine you"re a businessman and you have 100 accounts owing you $1000 each and haven't heard anything for 4 years and suddenly all these past due accounts offered you $500 as payment in full for your updating the credit files. Would you take the money? That's a no-brainer. The most important part of this
You have heard the saying that "actions speak louder than words". It is so true, especially when it comes to business relationships. We talked about places to keep in contact with the Power of Ten in the last chapter, as a basis for doing business. This chapter is more concentrated on doing the work through commitment and follow-up. You cannot expect to keep a customer unless you provide them wi
There are many pros and cons regarding this type of reporting. However, we cannot agree with the FICO manner in which credit scores are lowered when one tries to pay off old accounts. I have read both sides of the argument and one fact stands out. When you have the money, you have the power. Feel free to excercise your leverage in negotiating your payment terms.
Look at this from the perspective of the creditor/collection agency. Imagine you"re a businessman and you have 100 accounts owing you $1000 each and haven't heard anything for 4 years and suddenly all these past due accounts offered you $500 as payment in full for your updating the credit files. Would you take the money? That's a no-brainer. The most important part of this
Starting a business anytime is challenging and fraught with missteps, however starting a home business gives you several advantages when you start your business out of your home. Evaluating home business ideas properly is still mandatory, utilizing a financial plan along with cash flow analysis to ensure success.There are many ideas for beginning a home business from your home. Each one w
Look at this from the perspective of the creditor/collection agency. Imagine you"re a businessman and you have 100 accounts owing you $1000 each and haven't heard anything for 4 years and suddenly all these past due accounts offered you $500 as payment in full for your updating the credit files. Would you take the money? That's a no-brainer. The most important part of this strategy is that no one has to resort to litigation, which is costly. The original creditor is happy and you might even get a new calendar at Christmas.
If you negotiate under this scenario and you do not have enough money to pay the debt all at once, then by all means negotiate monthly payments. DO NOT agree to make a payment by a certain date. Simply agree to pay so much per month. That way if you are a day or two late, you are not in violation of any agreement.
Now lets say you agreed to pay the account off over a period of 12 months. Well at the end of a six-month period you can show your lender that you are indeed serious about addressing your back debt. You have virtually turned bad credit into good credit. You have gotten the original creditor to discount your bill by 50% and he has agreed to finance you. You didn't borrow a dime to pay him back. Is that smart? You bet it is!
That pretty much sums up how to negotiate your debt when you have money as leverage. Later I'll go over doing the same if you have no money. In my next article I'll cover how the Statute of Limitations works.
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