Most of your settlement negotiations will be with creditor agents rather than directly with the creditor business. If a debt is sufficiently past-due, you will probably deal with a collection agent. If a lawsuit has been filed, you will deal with the creditor's attorney. Each of these agents has a slightly different agenda but both will try to get the most money on the debt for their client (the creditor business).
Collection agents are typically paid a percentage of whatever they can collect so they have a vested interest in getting as much as possible. Attorneys, on the other hand, are paid either an hourly rate or a flat fee for their services. In both situations, your job will be to convince them they should be happy with the discounted amount you are offering. Both of these agents know some cash in hand is always worth more than the hope of more cash in the future.
There is no reason to feel intimidated when negotiating with collection agents or attorneys. My Business Plan System provides negotiation techniques that can easily be adapted to any type of settlement, regardless of who you deal with. Using my techniques, you will come across as a veteran professional negotiator from the start.
Scott F. Soape
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