When The Collector Calls: Top Ten Tips to Negotiating

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How to negotiate a settlement:

1. Plan your call and set your goals before calling.

If you want to settle for 50% start negotiating at 25%.

2. Make no solid agreement on your first phone call.

3. Make sure you have the money to pay an agreed settlement immediately

4. Sit at a table with a notepad. Take notes of everything being said. (The collector is I promise you)

5. When you are talking to the collector, remember that the money
you will be paying this is with is being given to you by you wife's
uncle or something like that -- he has offered you $x - with x being
your starting point in the negotiations.

6. Remember X is all the money you have to work with on this call.
If the negotiation goes higher and you hit your goal tell them you have
to have it in writing so you can bring it you your uncle and ask for
more.

7. Make no promise to pay without the written settlement agreement. Don't pay or make a promise to pay on the first call.

8. Remember you are dealing with trained negotiators. If the
collector becomes excited or you feel is getting abusive simply say,
"Obviously we both want to take care of this, but I feel you and I
aren't communicating well. May please speak with your supervisor?

9. It will take more than one call to do this right. You will need
to take copious notes and make sure you get the names of who you talk
to.

10. If you are concerned that you will not be able to handle the
negotiation yourself, there are professional negotiators, but that is a
pricey alternative and the possibility of the settlement going your way
when you are paying for representation is much lower.