What are some tips for negotiating a credit card payoff?


Quick Answer

Some tips for negotiating a debt payoff include knowing who to talk to about different issues and considering the different options for negotiating, according to Nolo. It is also crucial that you get the final agreement in writing.

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Full Answer

It is important to keep contacting the credit card company and attempting to negotiate a payoff with them or working out another agreement, even if you have been turned down in the past, says the Federal Trade Commission. It is possible that with market changes, the credit card company agrees to the settlement at a future date. The FTC also recommends keeping very good records.

When looking into settling credit card debt or attempting a payoff, consider the different types of negotiations that might be an option, notes Nolo. Even if the credit card company doesn't approve a full payoff, they might offer alternatives, such as reducing the interest rate, extending the payment date to give you more time to pay or agreeing to a temporary payment reduction.

If you are negotiating a settlement or payoff, make sure you are speaking to the right person. For this type of negotiation, it is best to speak to a supervisor as opposed to a customer service representative, says Nolo. Ask politely to speak to someone when calling the credit card company. When speaking with the supervisor, explain the situation with as much honesty and as many details as possible.

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