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Fees Negotiation

If you are suffering from debt and having trouble making your payments, you may find yourself at the wrong end of some punitive action from the credit card company in the form of penalties for going over the limit or making late payments. Some credit cards may subject you to regular yearly fees as well. All of this may seem, at a time when you are struggling to stay on top of your payments and debts, like the credit card company is rubbing salt in your wounds. It may be possible, however to convince them to lower or eliminate your fees and penalties.

Contact Your Credit Card Companies

Calling the credit card companies and asking to speak to an account manager is the first step in reducing or eliminating your fees and penalties. Once you get a manager or account specialist on the phone, explain to them the trouble you have had in making your payments due to late fees or over-limit charges. Explain to them the reason why you think that the fees and penalties they have been imposing may be causing undue hardship on you. The keys to successful negotiation are:

  • Convincing the representative that you may be unable to continue making payments without the elimination of the penalties.
  • Being willing to work at this for a few weeks or maybe even a month or two - credit card companies may not just give you your demands the first time you ask.
  • Using different negotiating strategies with your different credit cards or collection agencies.
  • Staying calm and unafraid of the possible threats that may be leveled against you, such as legal threats.

Willingness to persevere is the biggest key to succeeding at this type of negotiation. Collection agencies or credit card companies are not going to simply give up the revenue that the penalties and fees represent without a fight or some negotiation on your behalf. Be prepared and be patient when discussing the matter with them. Your calmness and well-reasoned arguments will certainly factor into winning the day sooner or later. If you have a debt problem, you can also negotiate for debt settlement.