10 tips for Better DIY Debt Settlements Results:
Considering DIY Debt Settlement? How do you get the best results?
This is an extract from an article that can really help you get better results. Simple effective and easy to understand. the full article can be found at
http://trust-debt-settlement.us/p136533-do-it-yourself-debt-settlement.cfm Do It yourself Debt Settlement Tips 1. Do your research on the creditor. Find out as much about them and their financial position as you can. How many bad debts do they have? How desperate are they for money? How often have they been hounding you? All of these things are good ammunition for you. A creditor that desperately needs money in order to pay their own bills will tkae a lower settlement than one in a strong position. Know your enemy.
2. Visit online forums and blogs on debt settlement. Talk to others, find out whats worked for them and what hasn't. Where possible find out what tactics the professionals have used to get good results. Make ure that you understand not only what they did, but why it worked. If you don't understand, ask more questions until you do as you will be dealing with people that do understand and you can't afford to have your ignorance exposed.
3. Be honest with yourself about what you can afford, and what you would consider a win. Do this before entering a negotiation. If you enter into a debt settlement plan, make sure you can deliver on your commitment. Don't expect miracles, and don't expect your debts to just disappear - they won't and you'll just get disappointed.
4. Learn your legal options. What is chapter 13 bankruptcy? What is Chapter 7? What is the Statue of Limitations on credit card debt in your state? Again, forums and blogs are a great place for this, and if you are going down the do it yourself debt settlement route you need to know these things - they can be great bargaining chips. If you're currently unemployed, contragulations - this is your new job.
5. Be open and cooperative with the creditor. Express your wish to pay the debt as fully as possible, and try and make this a situation wherer you are working together rather than against each other. While it is a negotiation, and you are on opposite sides, you both have something the other wants. They have the ability to wipe your debt, and you have the cash that they need. working together as much as possible will lead to better results than an adversarial approach most often.
6. Consult advocacy groups and free community assistance programs and see what they can do to help. enlist a budgeter if you can, and when negotiating a debt settlement program, show the creditor that you have budgeted funds for the settlement. This will help establish two things: first that you can actually carry out the plan you suggest, and second that you are serious about your financial issues and willing to do something about them.
7. Find out what others have actually achieved by doing it themselves. If you can find someone in your local area that has tried doing it themselves, see if you can speak to them and get some tips. This will help you get realistic expectations and actually achieve them.
8. Be professional. Treat this like a job - Debt Settlement companies do this for a living full time, so if you expect to get good results you will need to show a similar commitment. When meeting creditors in person, be well presented without being over the top, and go prepared with information and a plan. Rehearse your arguments and responses to common objections. These meetings can be tense, so try and lower the tone by being as pleasant and polite as possible without being too casual. This will build the creditors condfidence in you.
9. Keep your cool in the face of rejection. Like any serious negotiation it is not unlikely that your inital suggestion will be rejected, and the creditor may threaten you with collection actions if the debts are not paid in full. Don't lose your temper if this happens. Just like many people in financial difficulty make their situation out to be worse than it actually is in order to try and get the best settlement possible, many creditors will first try a few scare tactics to see if they can ruffle you into full payment. If you have done your research properly you will know whethertnheir threats are valid or not and this can actually be very beneficial - a creditor threatening action they can't actually take is showing desperation!
10. Be persistent and have patience. Some creditors may not agree to a negotiated debt settlement initially if they feel they can recover the debt in full. Be prepared to wait for a while if the creditor is not being cooperative, and try again later. Focus on repying the debts you have agreed to settle - this should be your first priority. As the debt ages the creditor will be more likely to entertain a settlement.
Hope this helps you all save a bucket load of money!
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