Debt mastery program – step 7: negotiate with your creditors

Debt mastery program: negotiate with your creditors

Hopefully, you are now looking at your spending plan and using it daily. So let’s turn to dealing with your creditors, now that you are hopefully feeling more in control of your finances. Even, if it may be difficult and tight! You now have awareness not only of your finances but also of a principle tenant of the Debtwatchers-Debt Mastery Program . It is that you come first. Of course, it has to be realistic and fair, you can’t put caviar dinners in your spending plan. You might want to try but expect them to be challenged!

We now suggest you HIT your creditors and by that we mean, you talk to them with honesty, integrity, and transparency. Looking at what you need to live, creditors under our approach get what you can afford. Using your total debt figure and the amount, you can pay per month there is a calculation of what each creditor’s fair share is.

It’s important to understand that creditors only get what you can pay them, with you living within  your income and your spending plan. We go into more details in the Debtwatchers-Debt Mastery Program book .   We teach you how to be proactive with sample scripts when talking to creditors.

It’s our belief and practical experience that creditors would rather get something than nothing at all. Yes, if they make you bankrupt it is most likely they will get nothing at all. Under our approach yes, they are entitled to their money. Yes,  they get your commitment to paying them the full amount of their money, but on your terms and not theirs. This is the difference and we go in to more detail in our book with practical guidance.

Watch previous steps here: STEP 1STEP 2, STEP 3, STEP 4, Step 5, Step 6… 


Christopher Needler is a businessman, entrepreneur and the former Chairman of Hull City. he is the co-author of 3 books:
– It Doesn’t Grow on Trees
– Debtwatchers Debt Mastery Program
– Sanity in Clarity