Anyone who has ever before faced down a mountain of debt will know all too well the desperate feeling of being out of options. Truth be told, there are very few available to get out of debt: you can fully pay it off, settle for some smaller amount, or go ahead and file for bankruptcy.
For many consumers, the last option has a negative stigma and long-term consequences, and the first one isn’t really a feasible option at all. So then we’re left with #2: to find some way to settle your debt and deal with it at long last.
Debt Settlement can be tricky
Getting an appropriate and effective settlement to your debt is a tricky business, and oftentimes feels more like an art than a science. There are some tactics that can be useful in this process, including some that are more generally associated with marketing or sales strategies.
A commonly used sales tactic of the ‘limited time only’ deals can be flipped to your benefit when it comes to planning your debt consolidation. If you can create a false sense of urgency, of pushing your creditors to change now or forever miss out on the opportunity, you can reap the rewards of your small trick. While your creditors will likely know it’s not exactly ‘now or never’, it can be a very persuasive technique.
You can psychologically pit your creditors against each other as well to induce a type of competition with the urgency again; if you have multiple creditors and can only pay off one at a time, let them know it—first one to accept the deal ‘wins’.
Overall, one of the most important things to keep in mind as you navigate the process of your debt repayment and consolidation plans is to remember that you do control a significant amount of power in the conversation. Do not assume that the creditors can control the entire conversation, because you are the one who has what they want.
They are after your money, and to some extent need to play by your rules. However you are willing to get the money to them, even if it isn’t the best deal in the world, they are generally receptive to listening to the proposal. While they do hold the power to sue and get a judgement, that is relatively worthless without the money moving from your possession into theirs. However you can sway the conversation, using it to your advantage.
If you are struggling with debt and looking for options in addition to bankruptcy, you should work with an experienced lawyer to help you out of your hole of money problems. Call our team at 610-225-7500 today for a free consultation and to get started resolving your issues once and for all. At the Law Office of Michael Alan Siddons, we take all of our clients concerns very seriously, and will treat your case with the utmost consideration that it deserves.