- Many creditors are willing to grant a 3-6 month suspension of payments
- This applies to principal only
- You'll need to continue to pay interest charges on the balance
- You will likely need to talk to a supervisor who has the authority to make this decision
- Once you find a supervisor who agrees to your request, stay in close touch with this individual
- Keep a log of all phone conversations and meetings and any letters to and from company
- Date of meeting or call
- Name and title of individual spoke with
- Content of your discussion
- Any details of agreements made
- Follow up with a letter confirming your agreement – do this right away
- Call monthly to give a progress report about your situation and demonstrate your continued commitment to paying all of the debt off
Take Action:
- In the last blog post, you identified how much you were able to pay each month toward your credit card bills
- Call your credit card company and ask for a supervisor who can work with you on the amount you are able to pay on your card
- Don't forget to take notes!
- Then go do something nice for yourself after you've made this phone call!
Copyright 2012 Connie Livingston All rights reserved
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