Debt settlement refers to making lenders agree to
accept less than the full payment owed to the borrower. For example, if
you have $10 000 owed to the lender, you can negotiate with them and
settle a deal in which you are allowed to pay $500 as full payment.
Although debt settlement is not an easy process because it takes a lot
of duration, endurance and courage to settle a liability but it can
save you thousands of dollars you can’t afford.
When you have
come to a point where you can’t pay to the credit corporation anymore
stop making your payments. And try to do a debt settlement; companies
won’t mind settling with someone who had made continuous payments. They
will also settle a deal because they know that if they don’t their
accounts will go delinquent.
When you stop paying to lenders,
they start to continuously call you and threaten you. Ignore those
threats. After some time they will turn your account over to a
collection agency that may call threatening to sue you, garnish your
wages and take your house or car. Know this fact that they can’t do
anything only the real lenders can go to the court, and they never make
an attempt to do that.
Now start making offers to the lenders,
tell them that the present age is of recession, and if they go down,
these big industries will also go down. Talk to the supervisor and tell
him all the reasons why you cannot pay. Give the first offer low like
with 25%. So, if you owe $10,000, offer them $2,500 to be waived. More
than likely you are going to end up somewhere around $5,000, or half to
pay them as full payment, but every case is different. Remember your
first debt settlement offer will be refused.
Use the threat of
bankruptcy, to keep negotiating with the lender because in bankruptcy
they would get nothing at all. It will take a lot of time for them to
accept your deal, but you need to stay firm on your ground. There will
come a point where the lenders will start to agree.
Once you have
come to an agreement on debt settlement with the lenders. Ask them to
write it and then send it to you. Do not start paying unless you have
received a written agreement. Now when you have received the written
agreement, start to pay off your debts as soon as possible. Make sure
to keep a record of the payments. And try to stay away from plastic
money in future as much as possible.
If
you are over $10
,000 in unsecured debt it would be wise to utilize a
debt relief network instead of going directly to a debt settlement
company. Using a debt relief network guarantees that the debt
settlement company you choose has been certified and has established
success in negotiating settlements. They are free to use and a good
starting point to begin your debt relief process.
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