Posts Tagged ‘negotiating WAMU credit card debt’

Negotiating WAMU Credit Card Debt

When it comes to negotiating WAMU credit card debt, there are several factors that you need to take into your careful consideration. First of all, it is very important fro you to understand that WAMU (Washington Mutual) has now become a part of Chase banks. Though negotiations are possible, the process is a little difficult and time consuming one. It requires repeated efforts. Your strategies must also depend on an array of factors, such as whether you are trying to reduce the payments, whether you are making late payments, whether you missed some payments, and whether your account is already in collection status. While you are trying to negotiate debt accounts that are in collection status, you can try to ask the creditors to reduce not just the interest rates but also the outstanding balances. However, for accounts that are not in collection status, it is quite unlikely that your creditors will ever be willing to reduce the outstanding balances; your options here are usually limited to requesting the creditors to lower interest rates. Though such proposals are usually approved, they result in an increased length of the repayment period. This way, you end up paying a lower amount of monthly payments but for a longer period of time. Following are some of the basic steps that you need to follow in this regard.

Make Up Your Mind

Before you give a call to the creditor for negotiating WAMU credit card debt, the first thing you have to do is to have a starting ground in mind. For example, if you are current with the payments and are looking for a way to reduce the monthly payments, you must first spend some quality time to determine how much amount of money you can afford to pay every month based on the kind of regular income sources you have. However, if you have to negotiate an outstanding collection debt, it is better to focus on ways that allow you to settle the entire outstanding debt by paying somewhere around 25-50% of the total balance. This process is called credit card debt settlement. If the debts are very old and you are going through extreme financial hardships, the creditors may accept such offers.

Obtain The Customer Service Number

Since you are considering negotiating WAMU credit card debt, you must first obtain the customer service number of the lending institution you have borrowed the money from. You can find this number on the back of your credit card. Alternatively, you can also find this number on your recent Chase of WAMU credit card statement.

Speak With The Right Authority

You can negotiate your debt with just anybody who answers your call. Ask the call representative to let you talk to the right person who is authorized to handle negotiations with the borrowers. If the call representative insists that you can talk to them about it, you can go ahead and do that. But, if you are feeling uncomfortable or the talks are not going in the right direction, you can ask them to transfer the call to their supervisor. They will not refuse your request. Always remember, you should never agree to a negotiated repayment plan, which you cannot afford.

Explain Your Reasons Why You Want To Negotiate

While you are negotiating WAMU credit card debt, you will have to explain your reasons why there is need for such negotiations. You must have some valid reasons that are making it difficult for you to continue making the payment as per the current repayment plan. Some possible reasons may include, but are not limited to, loss of job, severe illness, or other such things. You have to be very logical and humble in whatever proposal you are making. You will have to convince them that you are willing to settle the debt; it is just that you need the terms to be a little more favorable to you depending upon the changed financial circumstances you are going through. Be calm and kind while you are talking to them even if they do not accept your proposals.

The First Proposal Is Likely To Be Rejected

Negotiating WAMU credit card debt works like just any other type of negotiation. You make a proposal; they reject it and make a counter offer. You again offer a new proposal and they again make a counter offer. Keep negotiating until you reach a point where the offer sounds affordable to you. Whenever you refuse to accept their offer, you will have to explain your reasons why you cannot afford the same.

Repeated Efforts

It is also important for you to keep in mind that the process of negotiation requires repeated efforts. It means it is quite unlikely that you will be able to negotiate a fair deal right in the first attempt. Expect to call again and again until a final negotiated deal is agreed upon by both the parties.

Overall, when it comes to negotiating WAMU credit card debt, you must follow a careful approach with a calm head and a humble tongue. Remember, if you fail to make the repayment as per the new plan, you can be into a very serious trouble. Therefore, do not accept any deal that you are not sure you can afford.

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