Keeping good records during your debt settlement process is crucial to success. This can be the difference between a good and bad settlement. Don’t expect them to remember you or what you agreed upon. Other pointers:
> Send all correspondence via registered mail (about $2 a letter) or send a fax with a fax confirmation. Even if you send a fax, follow it up with a hard copy.
> Keep a copy of every letter you send.
> Include a self-addressed, stamped envelope with every letter. (Make it as easy as possible for them to contact you.)
> If you call, keep a log of when you spoke to the agencies, and who. Ask for the name of the supervisor of the person you spoke to, as the turnover rate at collections agencies is high.
> Follow up all phone correspondence with a letter (registered, of course) and/or fax confirmation.
Charm is definitely a virtue
Patience, charm and good cheer are all things to keep in your voice when talking to customer service reps. Think they haven’t heard someone cuss at them, cry on the phone or threaten to sue them? They surely have and these antics will not help your case. If you are feeling angry or upset, don’t call. Wait until you are calm. As a former account rep said, “Keep in mind that I got 200 calls a day with approx. 80% of them being IRRATE customers, I was starved for satisfied customers that didn’t yell or get aggressive.”
I talked to one client who was able to get a credit card company to take 40% of the balance as a settled debt, and his charming, informed and intelligent manner gave me all the clues I needed to figure out how he accomplished this feat. He was very witty and pleasant while discussing his situation with me, even though I knew it was very stressful for him. I’ve talked to many others who said this same company wouldn’t budge below 60%.
Hang Up and Try another Rep
Finally, though the company keeps documentation of all your calls, if refused by the first rep, HANG-UP and call-back. Odds are 99.9% certain that you’ll get a different rep and maybe you can sweet talk/give a sob story and get the rep to work with you.
