How to Negotiate With Creditors

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If a person has a credit file and a good credit score, they can usually go to a company and dictate terms of repayment. Let creditors know about difficulties in a cooperative manner with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about how to negotiate with creditors. Once you establish credit in life, especially business credit, there are ways to negotiate with creditors. If you have a credit file and a good credit score and you can go to a company and normally dictate terms of repayment. Net 30 is the most popular for a valid business with a good credit rating which means you can have services rendered upon you and not put up any money. That is for advertising, for various goods and services for your business and you will not have to look at a bill until 30 days out. That bill can become aged to 60 days and still not create any major problem. There are ways to negotiate with creditors as well if you're running into difficulties and the best way to do that is to call them immediately and tell them and abridge them of the situation in a cooperative manner. Creditors appreciate that they don't have to chase you for money and many times they'll cut you a good deal as long as you give them something to work things out. This is Patrick Munro talking about the best way to negotiate with creditors.

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