Should I Negotiate with Creditors on My Own?

By Robert Jacovetti

If you are overwhelmed with debt, creditor negotiations may be a successful tactic to help you reduce your payment amounts and overall debt. Debtors can negotiate with creditors on their own to try to get their debt reduced – however, it’s not something that should be handled alone.

Creditor negotiations are difficult and complicated. One minor misstep can ultimately affect the outcome of your negotiation and could potentially cost you lots of money. For such reasons, debt negotiations should be handled with an experienced debt relief attorney. Below we explain why creditor negotiations should not be handled alone.

Debt Relief Attorney vs. Debt Settlement Companies

Debt settlement companies are notorious for being expensive and ineffective. When dealing with creditors, it is beneficial to have an experienced attorney on your side. Making negotiations with creditors requires a deep understanding of the legal terms and conditions of your debt or loan agreement. An attorney can analyze every term and condition, along with your situation to develop a solid negotiating strategy.

Too Much Is At Stake

The outcome of your debt negotiation will have a major impact on your mental state, finances, and overall well-being. If you don’t have the knowledge or negotiation skills necessary to increase your chances of a successful settlement, you need an experienced attorney on your side.

Read our blog here to discover common mistakes debtors make when they negotiate with creditors on their own.

Here are some of the items an experienced debt relief attorney help you with when negotiating with creditors:

  • An attorney can help you determine if you are a good candidate for debt negotiation or if there is a better debt relief solution for you.
  • A lawyer can also help you determine if you have the money needed to settle.
  • It is important to understand the terms of the negotiation and of your prior loan/payment agreement with your creditor. An experienced attorney can help you in this area.
  • A lawyer can handle the actual call and negotiation with creditors. An attorney can develop negotiation strategies to increase your chances of success.
  • Finalizing the deal is an essential part of the negotiation. An attorney can arrange the terms to ensure that they benefit you.

Read our blog here to learn more about what you should have prepared before contacting an attorney.

Hiring an Attorney

Simply having an attorney on your side may not be sufficient. You need a debt relief attorney who specializes in debt negotiations and understands the complexities of your case. Having an attorney who understands every aspect of debt negotiation will help you ensure that you make all the right moves towards getting your debt reduced.

New York Debt Relief Attorneys

Every debt settlement case is unique and should be approached from a distinct and personalized angle. Our team at Jacovetti Law, P.C. can analyze your case and fight to reduce the amount you owe or adjust your payment plan to better meet your financial needs. We can handle the negotiations with creditors on your behalf and guide you through every step of the process. Debt negotiation isn’t an easy process, but our team has already helped other individuals and families who were in the same situation you are in now.

We have the knowledge, skills, and experience needed to help you obtain the best possible results for your case. Get in touch with us today to schedule a free 30-minute consultation with our experienced attorneys.

We are here to help you. Contact our New York debt relief attorneys today at (516) 217-4488 to schedule a consultation!