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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

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  2. EP137 How to Manage & Negotiate With Creditors (People You Owe Money)

EP137 How to Manage & Negotiate With Creditors (People You Owe Money)

Apr 28, 2020

During these unusual times, you may find that you are working more, less or not working at all. Because of this, your money situation may be at the forefront of your mind, and you are likely considering how you can save money and keep control of your budget. You may realize that you cannot afford to pay for everything that you are signed up for, so reducing expenses will be essential. You could, for example, consider lowering your auto insurance premiums because you are now working or studying from home. But, how do you go about negotiating with creditors about a reduction?

Today, I share a short, practical training on how to manage and negotiate with your creditors. I reveal the best way to approach the people you owe money to and how to structure your conversation. I share how contacting your creditors over the phone and the internet differs. I also highlight why it is vital to get any agreement in writing and check the implications to your credit score and overall cost of the debt.

“Being proactive and honest with creditors and trying to make a plan is being responsible.” - Tracey Bissett



This Week on Young Money:

  • How to make a list of the people you owe money to
  • Sorting your creditors into an order, starting with those that have the most significant impact on your cash flow
  • Preparing your mindset and recognizing your motives before contacting creditors
  • How to research and inform yourself about the options available, including contacting a professional and visiting creditor websites
  • The online route versus the telephone route of speaking to the people you owe
  • Why you shouldn't stop your momentum after your first success
  • Why you must check for any implications linked to your negotiations, including your credit score and total cost of borrowing



Three steps to managing and negotiating with creditors:

  1. Make a list of all creditors (people you owe money)
  2. Make the actual approach
  3. Get it in writing and other details



Resources Mentioned:



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