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Step 3.8

Negotiation Hints

Before negotiating it is always good to be prepared. Here are some suggestions that will help you achieve a positive outcome:

1. Contact your creditors by letter, email, and fax or face to face rather than by phone.
2. Be prepared - have your facts and figures at hand.
3. Know your bottom line. Know what you can afford to pay and don't agree to more.
4. Don't adjust your offers in line with creditor demands. Restate that your offer is based on your ability to pay.
5. Present yourself and your situation in a non aggressive manner.
6. Be open and honest about your situation.
7. Be polite and accommodating and as far as possible flexible.
8. Do not become frustrated - stay calm at all times.
9. Get everything you have agreed upon in writing.
10. Emphasise the mutual benefits of affordable and sustainable agreements.
11. Assure them that should your circumstances change you will revise your situation with them immediately.
12. Ask for the suspension of interest and other charges to assist you in putting your finances in order.
13. If your negotiation is not proving successful ask if you could contact someone senior.
14. Advise reluctant creditors of other acceptances. Look, if necessary, for short term acceptance of your proposal (e.g. 3 – 6 months)
15. Don't be afraid of court action. Sometimes it could work to your advantage.

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