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The Business of Debt Collection

Should I Ask the Original Creditor for Help?

Say you just lost your job. You haven't fallen behind on your payments yet, but you're scared you will be forced to do so very soon. You're trying to be proactive, do the right thing, and you ask your credit card company, "Can we work out some type of deal until I get back on my feet?"8

The answer will be an emphatic "No."

The credit card company doesn't care about you. It doesn't care about your problems. Credit card companies only care about money. If you are current on your payments, they are making money. If you are 1-2 months behind, they are still making money (at least on paper) in late payments and interest hikes. It is only once it looks like you won't pay them, ever, that they will start to deal.

Therefore, the only way to get an original creditor's attention is to stop paying your bill for a few months.

Initially they will threaten you, but won't offer any kind of settlement. Only after a few months pass, and the six-month charge-off date looms on the horizon, will they be willing to settle your debt. In fact, the closer you are to the six-month charge-off period, the more likely they will be to deal and the better the deal will be.

But they will never work with you when you're current on your payments. It just won't happen, so don't even try.

8. Contacting your creditor for help often "flags" your account and they will begin tracking your purchases and usage more closely.

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