How to negotiate with creditors (scripts you can actually use)

Negotiating with creditors feels intimidating, but they deal with thousands of people in your situation. Most have dedicated hardship teams.

Before you call

Prepare:

The opening script

"Hi, I'm calling about my account [reference number]. I'm experiencing financial difficulty and I'd like to speak to your hardship team, please."

Once transferred:

"I've had a change in circumstances due to [job loss / illness / reduced hours] and I can't maintain my current payments. I've worked out my budget and I can afford to pay £[X] per month. I'd like to request a reduced payment arrangement."

Key phrases that work

If they say no

What creditors must do

Under FCA rules, creditors must:

You have more power than you think.