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Question for the Money Doctors

Question submitted on Sep 23, 2013.

Question

I have one debt that I pay 150/mo on and they frequently call me to get me to pay the balance - can''t afford that now, but in the near future may be able to - can I negotiate that total? Also have one I pay to the attys on an agreed upon amount - if I can pay that off is it still negotiable? Judy

Answer

You can try to negotiate and I would recommend that you do. Usually, lenders are willing to work with you if you are making a good faith effort and it sounds like you are. I would consider anything negotiable, you can only get "no" for an answer so it is worth a try. You may be able to negotiate the balance, the interest rate or the length of time to pay the loan. Any and all options should be pursued if you are having some problems satisfying the loan. Try to pay off or negotiate lower the highest interest loans first. That will help the most.


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