Negotiating With Creditors – Top 5 Tips

You could well be surprised at how much you can actually achieve without seeking the help of a debt management company. Many people have negotiated reduced payments with their creditors, sometimes even getting them to freeze interest and charges on their debts. If you have decided to go it alone, the following article will provide you with valuable advice on how to do this successfully.

When negotiating with creditors, there are a few key points to keep in mind. Follow the top 5 tips below for a better chance of negotiating successfully.

5 top tips for negotiating with creditors

1. Be polite. If you are respectful, calm and show a willingness to work with your creditors, your negotiations will be much more successful. It is good to remember that your creditors do not HAVE to accept your offer, they are under no obligation, so shouting the odds and being confrontational will get you nowhere.

2. Be honest. Explain your financial situation fully. Creditors are real people and they understand that everybody’s circumstances can change at any time for various reasons. Be aware though, that your creditors will ask questions and may require proof of your change of circumstances. If you have been ill – a doctors note, if you have been made unemployed or had reduction in income – wage slips…etc. If you are honest from the outset, there is no chance of your story coming unstuck and your negotiations stalling.

3. Do not let your creditors persuade you to offer more. Before you even contact them decide exactly what you can afford and stick to it, even if they are being difficult. If you agree to pay more than you can afford, you will only run into more problems in the future when you cannot keep up the repayments.

4. Importantly, you must ask your creditors to freeze the interest on your debts. Unless they do, your debt will carry on growing, meaning you will be paying them for longer and your debt will be harder to clear. Do not presume they will do this automatically.

5. Be vigilant. Sometimes you will need to contact your creditors several times before they agree to your offer. If, after numerous attempts, you cannot get them to agree, or you just don’t feel confident about negotiating with them, you can contact a debt management company who specialise in negotiating with creditors.

If you follow the above tips, you should have a much better chance of negotiating successfully.

You’re Halfway Through Your Presentation and You Realize “This is Not Working!”

You’ve prepared your presentation, you know your subject, and you know your audience. You have the presentation internalized. As you progress through it, you have this bad feeling that starts to grow. You’re halfway through, and you hear a little voice in your head that says, “This is not working!”

What do you do?

That was the exact question I got this week from one of my corporate coaching clients. His presentation is a “pitch” for a $150,000 per month contract. It’s extremely important to him and his company.

I took a minute to really think about it… and I remembered an amazing transformation that I experienced long ago during a comedy show.

Three of the best headliners were working a show together in Worcester, Massachusetts. There happened to be a function in the main room, so they had to move the comedy show. If you would’ve been there, you would have seen a room full of 115 people in a hotel basement. It was definitely not the best situation — low ceilings, a warm room, a pillar in the middle of the floor that obstructed the view for many of the audience members.

The first comedian was experienced and very talented. He took the stage and only received mild laughs. He continued to follow his routine and didn’t waver. The second comedian took the stage, and had almost exactly the same results. He, too, didn’t waiver from his original “planned” routine. The last comedian, Vinnie Favorito, took the stage, and started with his planned routine. He was about three minutes into it… and he stopped. He put the microphone down, pulled up a stool and said, “Guys, what’s the matter? What’s going on?” Vinnie changed gears, and abandoned the original plan that he always used – the plan that almost always worked for him.

He realized one crucial thing. The original plan will only work when you’re “connected” with the crowd. Sometimes a connection is easy to make. On occasions, like this, it’s not.

I was just amazed at how Vinnie stopped his flow and confidently changed directions. If he had kept going, he would have suffered the same mediocre laughs that the other comedians received.

If you find yourself in the middle of a presentation and it’s not working. Stop. Talk to them. Check-in. It’s perfectly legal to ask the audience where they are, and what’s wrong. It takes a true professional to do that.

By “checking in” I mean – literally – black the projector screen, step forward, and separate yourself emotionally and physically from what you were doing. It gets the audience’s attention and helps engage them right away. They feel the change, and they know it was not planned. You might instantly gain a connection. If you don’t gain that connection right away… I promise, “checking in” is taking a huge step forward to creating one!

How did it turn out? Amazing! He took a tough audience and completely turned them around. Will it work every time? It depends on many factors. However, if it is not working the way it is going, please change something!

We learn the most from the toughest presentations. Witnessing a master like Vinnie perform under difficult circumstances has taught me a great deal. What will you do the next time you notice it ain’t working?

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