The two major parties involved in any debt related process, are the creditors and debtors. The amount of fear and insecurity that the feeling of debt and monetary deficit bring in, is increasing day by day. A borrower eventually turns into a debtor. Due to overwhelming outstanding dues, all financial confidence and productivity starts getting hampered. At such occasions, maintaining a healthy and cordial relation with your creditor from the very beginning pays off a great deal. To start with, one should always do considerable information search before opting for a company or organization that would provide the credit. Next, the borrower should personally interact with the creditors about the terms and conditions of credit and transaction to build a rapport through trust and respect.
Successful negotiation with your creditors always proves advantageous in situations of payment time extension, reduction of interest rates or debt settlement. Now the big task lies in effectively communicating your genuine problems and fiscal deficiencies to your creditors either through a reputable debt lawyer or personally. Fix up a meeting with your creditor and maintain a gentle and submissive attitude (remember, that you are the one in need and not your creditor) during your negotiation. Take your lawyer along with you, who can give an open and honest assessment of your financial situation to your creditor. Express about the hard times that you and your family is going through, due to this obsessive monetary deficit and if possible raise a considerable amount of empathy in your creditor through your spontaneous and heartfelt conversation, but make sure that you do not over react or dramatize the situation. Feel positive and optimistic about the fact that your creditor is after all a human being with compassion and humanity and above all he also knows that you might opt for bankruptcy in case the negotiation fails, and in that case your creditor might end up with no money at all. Finally, wrap up the discussions with the note that a denial of debt settlement or compensation would leave you only with the option of bankruptcy.