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Debt Management Plan to improve your credit- Email this article to a friend - Preparing Your Debt Management Plan If you have been trying to live by your budget and still can’t make ends meet you might want to consider contacting your creditors and have them agree to a modified payment plan that you can afford. Why would a creditor do this? Well, if it is the difference between getting some of the money ; all the money over a longer period of time OR none of the money , they may be willing to work with you. Your goal is to pay amounts that you can afford by negotiating with your creditors to get lower interest rates, waive late fees or even forgive some debt. Here is what you need to do to prepare yourself to be successful. Prior to calling your creditor you should do the following:
· Prioritize your debts the most important are mortgage and car (secured) then the unsecured in this order- Child support, Federal Income tax, State Income Tax, Property taxes and HOA dues, Federal student Loan, health insurance, medical bills and then credit cards
The goal is to negotiate as many of the following terms: a. Negotiate lower monthly payments for a period of time or until debt paid in full b. Negotiate lower interest rate c. Negotiate interest only payments for a period of time d. Negotiate to waive or lower any additional fees Then, You will want to decide which debts you want to negotiate first. Maybe start with the secured and high priority debts and then higher interest rates. Then start calling and negotiating.
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