DIY Debt Management Plans : Creditor Negotiation

Tips for Negotiating with your Creditors Effectively

  • While your situation can be extremely overbearing, and you may be angry with some of the letters you have been sent, it is important to be as polite as possible with your creditors. You do not want to give them any reason to dismiss your suggestions for re-negotiation of terms.

  • Be sure in your head of your situation and how much you can afford to pay. Do not sway from this figure, although your creditors are likely to push for ‘that little bit more’.

  • As part of the negotiation, seek confirmation in writing that all interest on your outstanding debt will be frozen.

  • Honesty really is the best policy !  Do not jeopardise your negotiations by ‘forgetting’ to mention a source of income (no matter how small) or telling any white lies. If your situation changes during the term of any plan, the same applies. Be sure to inform all your creditors of any changes in your circumstances.

  • Be aware that your efforts to re-negotiate repayment terms may not be successful first time round. You may need to put down the phone once or twice without agreement, but always be ready to call back with the same facts and figures at hand.


To get the best information for your circumstances it is always recommended to speak with a qualified adviser. We could be helping you in a few short minutes in a friendly, no-obligation chat : Request a call back or call us on 0800 043 3329

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