How to Become a Professional Debt Negotiator

People in an overwhelming amount of debt may seek to negotiate with their creditors. People in debt often find themselves at a disadvantage in dealing with their creditors. The creditor knows the debtor is desperate and often uses that to an advantage. A good mediator can be the difference between bankruptcy and a less drastic settlement. Often, people in debt don't know how to approach the negotiations. This is where professional debt negotiators come in. Professional debt negotiators are an intermediary in the negotiations between creditors and debtors. With the right combination of education, training and skill, you can become a professional debt negotiator.

Instructions

1

Obtain a college degree. While you don't necessarily need a degree to start a debt negotiation business, having one gives you a greater degree of credibility. The most useful degrees include finance, business administration or accounting. While a different major won't preclude you from becoming a debt negotiator, these areas of study will provide a better base of knowledge with which to begin your career.

2

Build your sales and negotiating skills. You will pick up some of this in school, but you will truly learn how to negotiate on the job. A sales job will allow you to develop the negotiation skills you will need as a debt mediator. You must learn to treat your clients with compassion, but also with a matter-of-fact approach in telling them things about their spending habits that they may not want to hear.

3

Learn the workings of creditors. Study banks, credit card companies and loan servicing companies. Understanding how these institutions work will be critical to your debt negotiation career. The greater variety of companies you study, the more effective you will be as a debt negotiator.

4

Obtain certification as a debt counselor or credit counselor. Certification is available through the National Foundation for Credit Counseling (NFCC). To find a local NFCC office, contact the organization through its website. To become certified, you must have at least a high school diploma or GED and you will need to complete the NFCC training program.

5

Apply to work with a debt settlement company. An education, sales background and knowledge of creditors and their processes will help you get hired. After a training period, which will vary based on company, you will be able to work with customers as a debt negotiator. Gain enough experience and contacts while on the job and you can eventually go into business for yourself.