How to Negotiate Credit Card Payoffs — Entrepreneur Credit Repair
Over the past few years, people have been hiring debt settlement companies or lawyers to help them negotiate their credit card payoffs. Well, this is a good option until now, but care must be taken when using these people. You don’t have to rely on them. This is because you may end up having marks on your credit report and this is as bad as bankruptcy when you use debt settlement companies.
Cost is another thing you need to keep in mind if you like to hire a professional for your credit card repair. Most of these repair companies will charge you a registration fee and later several hundred dollars or monthly fee. This should not be so because these Entrepreneur Credit Repair companies are also paid some percentage from the amount they negotiate your payoff to. They get this percentage paid to them by the credit card company. This shows that they are charging you much just for their interest because the higher they charge you, the higher their percentage.
However, there is a way you can get out of this — you can do this yourself for just a fraction of the total cost. What they do is simply to draft a dispute letter on your behalf to the credit card company and charge you hundreds of dollars for it. However, there is no guarantee of success. If you like to do this yourself, you will just draft and send the same letters with just a little bit of time and the cost of a stamp.
What’s the Solution?
Before you contact a repair company for your next Entrepreneur Credit Card repair, sit down and ponder on the total amount of money you can afford to pay them. Write the amount down in a piece of paper so that you won’t go above that amount during your negotiations with them. In addition to this, figure out the total amount of time it will take you to pay such amount of money you agree on paying. Make use of different methods to know how long it will take you to end up in negotiations.
Before you decide on the card to repair, the payments on the card must be late already. If you are not behind in the payment on the credit card, it will be hard to negotiate a payoff. This is because there will not be any indication that the card is having a problem and that you are having trouble paying your bill. Make sure you document everything when you sit down to make the call to the Entrepreneur Credit Card repair company. Document the name of the person that received your call, the time and date of the conversation, the final amount you agreed to and everything you know is very important.
The best way to start a negotiation is to offer to pay 25% off the total debt. This may seem too low to you, and they will counter it with something very close to 100%. It will be easier to settle more cards that are behind in payments. Moreover, you should be ready to pay around 50% or a little higher.
Use the best Entrepreneur Credit Repair
The best man to help you with your Entrepreneur Credit Repair is Peter J. Burns III. This is because he is a financial advisor, and he understands everything about the credit card. So, you have nothing to worry about when it comes to bad credit score. You can also borrow funds through Burns Funding, his other program for lending entrepreneurs and start-ups. This loan comes with no interest, and it is easy to get.