Negotiations with
Creditors
Negotiations with Creditors 2018-11-02T14:23:13+00:00

Negotiations with Creditors

When you face a difficult situation where you cannot currently afford to make all of your payments then you or someone acting for you needs to begin a dialogue with your creditors.

This can be difficult and different strategies may be necessary depending on whether you are trying to negotiate with a bank or other lender, HMRC, landlord or a trade supplier. Being consistent is the key.

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Tips for negotiating with creditors

  1. Know what you can afford. If it’s a payment plan make sure it fits in with cashflows. Be prepared to provide evidence of your difficulties. This may include accounts or cash forecasts.
  2. Be consistent with all of your creditors as they often talk with each other.
  3. Be calm, and don’t lose your temper.
  4. Take notes of who you spoke to and what was said.
  5. Always aim to negotiate with the creditor before it goes to a collection agency who may prove inflexible as they are often paid by results.
  6. Get any deal in writing from the creditor before you make any payments.
  7. Don’t wait until it’s too late. Be proactive in contacting your creditors and be honest about your circumstances. Most creditors complain that nobody talks to them early enough.

Negotiating with creditors is not for the faint hearted and lenders are unlikely to just roll over. If you don’t think you can handle it yourself then you can enlist my support to lend credibility to your request for time to pay. Having an intermediary between you and the creditor can remove the emotion from the situation and increase the likelihood of success.

If negotiations fail you may need to consider how you will respond to the court and/or insolvency proceedings. I can refer you to one of my many trusted solicitors or insolvency practitioners on a free of charge basis, for advice on your options.

For help and advice on negotiating with creditors, please contact me or call me on 07778 999888 for a free initial discussion, with no obligation.