Can I negotiate with my creditors?

In some instances, especially if you can actually make some payments (but not all), it may be advantageous to simply try to negotiate with your creditors. Creditors understand and realize that, if they don’t negotiate some modified payment plan, they may get nothing at all in return, so it’s to their advantage to try to make it work. Oftentimes, a creditor will also offer to let you pay back less than you owe, extend the period of time you have to pay, allow you to miss a payment or two, drop their demands for late fees, or reduce the interest rates. It also might be beneficial, when negotiating with your creditors, to send in a small sum to let them know that you are serious about making the payments; they will be much more open to negotiations then.