The tips shared in this article are applicable whether you're receiving calls from your creditor or calling your creditor for information yourself.
I wrote this article after talking to a friend of mine who is a professional debt consolidation counselor.
TIP: Leave a bunch of paper and some pens by the phone so you don't have to look around for it.
General: Be calm, relax, and be nice! Don't let them make you angry.
You're now on the phone for a reason; to get the information you need and get off the phone.
Make sure you control the conversation.
Ask the necessary questions and get off the phone.
If this person will not give you the answers you're after, hang up and call back to get someone else on the phone.
Repeat the process until you have the desired result.
When you receive a call: Get a piece of paper and a pen, and write down the date and the time and the creditor that is calling or who you're calling.
1) Get the full name of who you're talking to.
If they will not give it to you, explain you won't speak to them.
If they give a first name, that's fine to start.
Get their extension.
If the claim they don't have an extension, ask how you get in touch with them if you need to call them back.
If they say "just ask for me" ask what their last name is (if they didn't give it initially) and say something like "I'm sure you work in a big building with a lot of people, and if I need to get back in touch with you, I might get someone who doesn't know you.
I'd really like to talk with just one person, and you sound nice.
" Once you have a name, and an extension (if they have them, not all collectors do), ask what time is best to get in touch with them if you need to talk again (most of them will be fine with this, but you might get some resistance.
It's not a big deal, but it doesn't hurt).
2) "How many days delinquent is my account?" Write it down.
3) Ask what your due date/billing cycle is and ask if it ever changes.
4) Ask if you have any grace period of time on that (if the payment is mailed in and posts a day late, will they still count it for last billing cycle? Write this stuff down.
5) Ask if your account is re-age eligible.
A "re-age" is a program most credit card companies offer where you are able to make three consecutive minimum payments, and have your delinquency cleared out.
It can be done once per year or a total of three in a five year period.
You may have already used it and not known.
It happens.
6) Ask what your minimum payment is.
If they say the whole balance, tell them you don't have that much and you need to know what the minimum is that will drop your account thirty days in delinquency.
It should be about $130.
00 right now, but let's just call it $150.
00.
It might stay the same for awhile or go slightly up.
Don't be surprised.
Also once you find out how delinquent your account is, don't stop with how much the minimum is.
A minimum payment is somewhere between two and three percent of your balance.
This may have changed if the credit card company has raised your minimums due to the news laws that have passed.
In that case it could be four percent now.
7) If you're 120 days delinquent right now, ask how much is it to drop your account 60 days, 90, 120 days in delinquency.
Write the answers down clearly.
Make sure you write the corresponding costs with the drop in delinquency.
Double check the numbers after you write them down.