Need to negotiate with Magnum cash advance

Date: Tue, 10/11/2005 - 10:52

Submitted by anonymous
on Tue, 10/11/2005 - 10:52

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Total Replies: 1

Need to negotiate with Magnum cash advance

Can anyone tell me how to negotiate with someone about a payment plan? I got a call from a Taylor at Magnum Cash Advance about a payday loan that I had with them and since had to close my checking account because of someone stealing money from me. She was very willing to work with me, but says that with the settlement she is offering me, she can only accept payments of $217.08 every two weeks, I just cannot pay that amount. How do I go about negotiating with her about this high payment, as I have other bills to pay.

Hi hottanya Welcome to the forums. Express your intentions

Hi hottanya

Welcome to the forums.

Express your intentions clearly that with the amount that you have for each month, you can't be able to pay the said amount. However, if a reduced amount is offered (your option) is offered, you will continue to pay it regularly until the debt is paid off. This will help you to keep everything in budget.

Once they can feel that you are interested in paying off the debt for sure, they might reduce the financial charges and other late fees also. You might consult a debt consolidator for this negotiation also.

Once they agree to your payment plan, get it in written along with a statement to update your credit file with the three bureaus once it is paid off. Also, give your written approval that you will be making the set payment each month and won't default. This way, they will be willing to work with you and might offer you some other benefits also during the process.

Regards
Roxette

lrhall41

Submitted by roxette on Tue, 10/11/2005 - 16:31

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