Debt Settlement can be very
beneficial if done right. It can provide financial relief as
improve a consumers credit rating. But be careful if you are planning to
negotiate a settlement with a collections company or creditor on your
Just because you reach an agreement on the amount and settle the
credit report will still show derogatory information for
Also keep in mind that if decide to settle your
debt, you will have to pay
out the full agreed amount, which is
very hard for most who are
experiencing financial difficulty.
An alternative is to use a professional Debt
Settlement Company that can
negotiate the best
terms as well as provide you with the comfort of
NOTE: You should
not try Debt Settlement if your accounts are current or if you
are just starting to fall behind. In such cases, a Debt Consolidation program
benefit you most.
In order to settle a debt in
your favor, two big objectives must be accomplished.
You must get the
creditor to make a deal with you on the amount and negotiate
credit rating in your favor. Don’t worry; it’s the easiest thing
when you have
First you must always remember
that in settlement negotiations, you always have
the natural advantage.
You have what the creditor wants! So the first rule of
to never sound eager to settle. Regardless of how much you owe on the
debt, you want to pay what is comfortable for you. There have been thousands
people who settled their debs for as little as 25 cents on the
dollar, although 50%
of what you owe is considered pretty good.
At first, most creditors and
collection companies will try to hold their ground.
Never accept their
first or even second offer.
Always be calm and make them think that if
they don’t get something from you,
they will probably never get
anything at all.
Of course, the older the account the easier the
negotiations will be.
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Keys to a successful Debt
- Make your first contact
with the creditor or collections company by mail.
This will always
give you the upper hand because they will end up calling
settle. Remember, you want them to come to you because you have
what they want.
- Never sound eager to
settle or you will lose the upper hand. Never tell them
reason you need this debt settled is so you can get into your dream
home or car. If you do, you can forget about any kind of deal. The
now have the upper hand and insist on the full
- Don’t accept their first offer, especially the first time they call you after you
sent the initial letter. Once you are able to get them down to about half of your
debt. Tell them you need to sleep on it and arrange a time for them to call you
the next day.
- Once you and the creditor
agree on a mutual amount to settle the debt,
you must start
negotiating your credit rating.
This is a very important part of
your negotiations. A “Paid Collections” on
report is still very negative and a “Settled Account” is
Before you pay the debt, you must have in your hands a
letter from the creditor
stating that the account will be reported
to the credit bureaus and updated to
“Paid as Agreed”
Remember that all your negotiations and money paid to settle will do nothing to
rebuild your credit, unless you have a guarantee in writing that the unpaid collection
will be changed to “Paid as Agreed” on your credit report. Not “Settled”
Senior Debt Consultant
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