Posted on
February 17, 2010
at
3:07 am
Hi would you give debt settlement negotiation tips/guidelines/how tos (do it yourself) thanks!
Posted on
February 17, 2010
at
3:32 am
Negotiate debt settlements yourself - there are 2 ways to do this. Before youraccount charges of (5-6 months of non payment) or when it charged off (and gets assignedto a third party collection agency). With the original creditors, expect the negotiation to betough - if not almost impossible.
Posted on
February 17, 2010
at
3:45 am
Negotiate debt settlements yourself - remember to be confident but polite (professional) indealing with your creditor or collection agency - remember that it's a negotiation, a hothead doesn't really produce a good settlement offer. Speaking of professionalism -make sure to have every transaction on record and in writing, so that if anything should gowrong with the negotiation- in the future - you have some evidence to present.
Posted on
February 17, 2010
at
3:57 am
If you are going to attempt to negotiate with your original creditors - make surethat you have at least 75% of your total debt amount ready (to use for bargaining).I heard that they will negotiate if you have around that amount. I just don't know whatthe payment terms are - if it's a one time lump sum deal or two gives..not sure.
Posted on
February 17, 2010
at
6:19 am
Negotiate debt settlements yourself - if you are settling debt with a collection agency, expecta lower percentage 35-60% (about) instead of 75% with the original creditors. Start youroffer at 35%, they would refuse that, so you keep on trying..remember to put everythingin writing (all agreements signed too). But if you don't think you can handle a d.i.y. debt settlement,you can always hire the services of a debt settlement company.
Posted on
February 17, 2010
at
6:29 am
There are two more options but they are not recommended due to their implicationto your credit.1) debt consolidation loan - if your credit is bad, which is most probably if you're alreadythinking of debt settlement, the lenders would extend you a loan but expect the interest rateto be at a ridiculous percentage.2) bankruptcy - if you are facing foreclosure, repo, or a lawsuit together with your otherunsecured debts - you can file bankruptcy but expect your credit to suffer tremendously.
Posted on
February 17, 2010
at
6:44 am
If you're interested in professional debt settlement - destroydebt.com offers a freeinitial debt consultation. Should you decide that you want to do it, they can alsomatch you up to a legitimate debt settlement company - still free of charge - just fill out a form here.
