Negotiating about money when the other side doesn’t need money

If you are trying to negotiate your own settlement with a creditor, this piece is meant to enlighten you about a few things and maybe relieve a little of your frustration.

A lot of my clients lament that big companies (and I mean big) suing them don’t care about anything but money. And those clients are right! Bank of America, Chase Bank, Capital One, and the like are in the money business. They loan people money, and they want it to be paid back.

Of course, these mega-corporations aren’t stupid. They realize that if the person they are suing doesn’t have thousands of dollars sitting around to pay off the debt, then it makes sense to negotiate a settlement. But these mega-corporations are different from the usual plaintiff trying to settle a case. Yes, they care about money. The only thing they think about is money. For them, it is money, money, money! The problem is they don’t need money.

Let me explain.