FREE Sample Script for Negotiating Lower Payments on an Account that is or Will be Delinquent.

"Hello {Use collector's name}, this is {Your Name}.

Always use the name of the person with whom you are speaking!

"How are you today?"

Let the creditor know exactly why you are calling. Be direct and to the point and use their name.

"I am experiencing financial difficulties at this time and have fallen behind (or going to fall behind) on my payments to you. My account number is {Account Number}".

Be sincere and give the collector a chance to offer suggestions.

"I'd like to bring my account current. Can we arrange a payment plan?"

If necessary, work with a financial counselor to set up a spending plan budget. If the creditor/collector suggests an amount you can't afford, state the amount established in your budget. Do not agree to an amount that you cannot afford!

"I am currently working with a financial counselor and have established a payment amount. I have other creditors with whom I need to make similar arrangements. I can afford to pay {state the amount you can really afford not what they are demanding} for the next {weeks, months} months. I should be able to resume my regular payments at that time."

Begin thinking about the future right now. As part of your repayment process, negotiate what will be reported to credit bureaus.

"How will this repayment schedule affect my credit report?" Be sure to ask, "Once I've successfully repaid this debt, will any negative information given to the credit bureaus be removed from my credit report?"

Enter what the creditor says in your phone log. Remember to record the collector's name and the date, time, and specifics about the conversation.

"Thank you {Creditor/Collector's Name}, for working with me. I understand I will not be able to receive any additional credit until my situation changes. Until then, I will make {$ amount of payment} payments beginning {date of first payment}. You may call me periodically to check on my progress if you'd like. I will send you a letter within five business days confirming our agreement today and, once again, let me thank you for understanding my situation. Good bye".