To lower your cash out and reduce monthly payments, first start with a clear picture of how much you owe and what your total monthly payments are. When your debt negotiation counselor speaks with you, you should have certain information in hand. We are going to help you reduce your unsecured debt and lower your monthly bills. To do that, we must start with a clear picture of your financial situation. Have this financial information ready when you begin your debt counseling:
Who are your unsecured creditors? Gather together all of your creditor information so we can contact them more quickly when the time to negotiate comes. Ideally, you should have:
- A list of all unsecured creditors
- Their contact information, including company name, affiliate bank if appropriate, address, all phone numbers, e-mail address and website address if one exists… and your account number.
- How much do you owe each creditor
- What is your high, low and average monthly payment
- When (what day of the month) is the payment due
- Your highest amount owed (this may entail going back through old statements)
- How long have you had this account
- Whose name and social security number is on the account
- Do you still have available credit on the account
- Are you behind in your payments and, if so, by how much
Your counselor will create a "financial project folder" for you and this information will be used to develop a total picture of your current financial condition and present a "profile" to each creditor.
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