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HOW TO RE-NEGOTIATE YOUR OFFSHORE CREDIT CARD DEBT BY YOURSELF

Before you realise it you will be in a huge pile of credit card debt and drowning quickly. It only takes a big medical bill or a job loss or any other unforeseen setbacks or expenses to get you on to a trail of high interest payments resulting in financial ruin at the end. However, the first step to get out of it is to realise that you are in it and making conscious efforts to get out of it. There are many companies which will re – negotiate your credit card debt for you but if you have a little knowledge you can do it your self. This is better because the companies can ruin your credit score easily and quickly and also charge a high fee.

You have three ways to re - negotiate your credit card debt and bring it down. First you have to make them reduce the APR, then reduce the monthly instalments or lastly, ask them to reduce the money that you owe them. The option that you need to choose depends on how deep you are in debt and how capable you are to pay them back.

First try for a Lower APR

A high APR rate will keep you in debt for a very long time as most of your monthly payment will go towards paying the interest. Therefore, your principle amount will reduce on very marginally each month. Re – negotiating the APR rate is also one of the easiest methods to get rid of your debt quickly as there is a lot of competition in this market. Asking your company to reduce your monthly payments will also work if you are not behind on your payments. Being a loyal customer will help you a lot to lower your APR.

The best way to accomplish this task is to call the bank and tell them about the other better offer that you have got from the other credit card company. Tell them that you would go in for a balance transfer if they do not offer a better APR. However, if you have not made your payments religiously then this is not an option for you.

Try to re – negotiate a lower monthly payment

If you are making late payments then one way to lessen your burden is to re-negotiate your instalments. The primary aim is lowering your instalments so that you don’t have to use another credit card to pay for your living. However, this method will increase the tenure of your debt. You have to be ready with your reasons before making the call to the credit card company.

Negotiating the sum of your debt

If you are referred to the collection agency then your only option is to negotiate a lower sum to repay. The company will most probably accept this option if you are ready to pay your entire debt in one shot with one payment.

This happens because the collection agency has to collect some amount of money from you. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.