Don’t jump the gun, that’s what creditors want

When dealing with collectors who are looking to settle credit card balances, I have often found that waiting it out, calling their bluffs, and not caving in is always the best strategy to take.

For the past month and a half I have been going back and forth with an agent at a large collection firm. “Take this offer now, it’s your last chance” and “This deal is only good until next Tuesday, then we have to sue” were the common replies I would get when submitting my bi-weekly settlement offers.

Instead of buying into his scripted lines, I stuck to my guns and waited it out. When the agent called me today, he had finally bought into reason. He realized that his scare tactics would not work, and agreed to accept my offer of 22% of the outstanding debt.

I often try to put myself into my client’s shoes in order to understand how scary and nerve-racking it can be to get collection calls from agencies and law firms. But months of empty threats, and scare tactics, has taught me that although the calls and letters can be annoying, they are nothing to fear. Know what you are able to pay, don’t move from that amount, and wait out the storm. It will always work out for the best.