Settle credit card debt » Contact

Cease and Desist Letter May Not Be Best

admin — Tue, 26 Oct 2010 23:07:22 +0000

If you want to stop a debt collector from calling you, the Fair Debt Collection Practice Act certainly allows you the ability to do so.

All you would need to do is write a letter to the debt collector and tell them to stop calling you both at home and at work. Though it is not necessary to send this Certified Mail – Return Receipt Requested, it is strongly recommended that you do so, as mail does get lost.

Once the debt collector receives your letter, the law requires them to stop calling you again except to say that there will be no further contact and/or to notify you that the debt collector or creditor will be taking a specific action.

Now here is where it can get sticky.

Although this will stop the debt collector from calling you, it does not make the debt go away if you actually owe the money. If you prevent the collection agency or the debt collector from calling you, then you might force the issue and leave them no other choice but to file suit against you and get a judgment.

Depending on your state you live in, this can prove harmful to your spouse if you live in a community property state. Further, your wages may be affected as they could request through court that they garnish your wages. If a judgment appears on your credit record, it could have a very bad affect when applying for a job.

I know how demanding and harassing a debt collector can be. Stopping them from calling is an easy process but it should not stop there. If you do submit a letter to stop a debt collector from calling you, use the breathing room to arrange the clearing of your legitimate past due debt.

It would serve you well to write a follow-up letter giving details as to how you intend to clear your past due debt. Such as a payment plan that you are willing to adhere too. Just do not over commit yourself.

The point here is that if you are going to have a debt collector stop calling you, you will need to keep the line of communication open through the mail and work on resolving you legitimate past due debt.

By: C Cruz

Tips for Writing a Professional Debt Negotiation Letter

admin — Tue, 05 Oct 2010 10:41:28 +0000

When it comes to the task of debt negotiation and settlement, you are faced with two options, both of which will require you to do some work. Some people choose to take care of business themselves and negotiate with their creditors one on one. Others take the easier route, which is to hire a debt negotiation service to help you straighten everything out and settle.

If you’re one of those brave souls choosing to negotiate your debt on your own, the first task you’ll need is to learn how to write a debt negotiation letter. Convincing creditors to settle at a lower amount of debt than you owe is quite the challenge, however done the right way, it can be done.

Before you start writing and sending out letters, carefully go over all of the pros and cons of self debt negotiation. If any of it seems like it may be a little too much for you, don’t hesitate to contact a lawyer of a debt settlement company. They will be more than happy to help you with any questions you have. Here are a few pieces of advice on how to write a legally binding debt negotiation letter:
Get to know the terms and conditions of your debt. This includes all of the fees, surcharges, taxes, and interest rates that apply. Put together some numbers of the total amount you owe, including all fees and taxes. Knowing what you owe and how much you have helps you have a better understanding of what you can ask for with your creditors. They will be asking for about three quarters of the balance, not the full amount so be sure to have at least that much. If you offer to pay too little or pay in low increments, most creditors will not take your letter as serious as you like. You want your settlement request in writing. Make your settlement request in writing. If there is any way you can, hire a lawyer or debt negotiation counselor to check over your letter for any inconsistencies or unnecessary items. The first one you write needs to be relatively low but also reasonable. If the creditor denies this first request, you can always raise your settlement request up enough without putting yourself in further financial duress. As you are writing out your letter, don’t threaten anyone in it or suggest that you are going to simply file bankruptcy if they don’t work with you. These tactics will only make things more difficult for you and less likely any creditor will work with you. Ok, the creditor has approved your request, now you need to show them that you are acting on good faith. Make all of your payments in full and on time. Be sure to get a written confirmation of the receipt of payment. Talk to a debt counselor to see what your other options are if the creditor denied your request or will only meet you halfway. Keep a record of all the correspondence you have with your creditors. Promises and agreements made over the phone are difficult to verify if something falls through the cracks. A paper trail, in this case, is good thing since it provides documentation of all your work. It also helps you to find important information more quickly if a question or problem arises. Any agreements which were made should be followed up on to ensure they all have been completed. An example of this would be if one of your creditors agrees to clear or partially clear your debt, check that the clearance appears on your credit report within the following few months.

By: TL Kleban

Settle Your Own Debt ‘Only If’

admin — Fri, 23 Jul 2010 20:44:19 +0000

Time is valuable. Most people can not afford to lose time from work to negotiate settlements on their debt. Phone calls, and correspondence must to be answered. Complete contact must be kept with creditors and collection agencies, every detail of the debt being negotiated on must be known. Can everyone afford to do this, YES, if they are home unemployed! Arrangements sometimes may take up anywhere from one day to six months , this is why I say negotiating debt is time consuming.

Collectors will test your patience. The phone calls become unbearable, one call after
another, collection agencies do not give up. These calls come at all times of the day, and they are computer generated, knowing the stress you are going through just being in debt are you willing to add extra stress because you think you might know what you are doing? This is where many people quit their own efforts and contact debt relief agencies. Trust me I have the gray hair to prove it, collection calls are not easy to deal with.

If you are a car mechanic chances are I will trust you with the brakes on my car. I do not think I will go to my local garage to learn how to become debt free. The know how is not only how to speak, most of us know how to negotiate, it is not complicated. Working on oyur own debt is knowing when to say certain things and when not to. negotiating is like a boxing match, one must know when to take a punch and when to hit back. This is called experience, just like that car mechanic who knows when to change those brakes, debt negotiators know when to go in for the kill. Unless you are extremely good at knowing when to punch and when not to, debt settlement is not the business for you.

The contacts. Most people laugh when I mention this, the fact is this business is repetitive. What to say, what to do and whom to work with. Believe it or not, there are nice people collecting debt. It takes time, patience and the know how to find these people. Once you find them, you never let them go. You make your enemy your ally, in this case debt negotiators learn to work with debt collectors. They work up a rapport, they sometimes become friends, that is why it is so important to seek the proper help.

If you think you have what it takes to negotiate on your behalf, by all means go ahead. Keep in mind the road is not going to be easy but not impossible. It is highly rewarding to know you can make a difference in peoples lives, as a debt negotiator I take great pride in helping those in real need of debt relief, people with a real hardship. I wish you great success in your efforts.

By: Dan Delgado

Debt Options

admin — Mon, 26 Apr 2010 00:10:16 +0000

When you are struggling with debt, you want to find options that will offer you a pathway to relief. Debt is overwhelming. When you struggle with debt, it makes it impossible almost to find relief.

Therefore, you will need debt options that work in your favor. First, start researching debt options. Rather than hiring an expensive attorney to help you out of debt, look for other options. You have the power to take control of your own debt problems by requesting particular items from your creditors.

If you are not afraid to ask your creditors for deferred payments, lower payments, or to reduce interest or waive late fees, then you can manage debt on your own.

Your creditors are often willing to negotiate with you rather than a third party. Most creditors prefer this debt option.

If you do not have the amount of cash, you need to manage your debt contact your creditors today and start your process of battling debt. Record, or write down any agreements between you and your creditors. Ask them to send you a written statement in regards to the agreement. This will protect you in the event your creditors rethink their offer.

Send a written request to your creditors asking for leniency, deferred payments, monthly installment plans, etc. Keep copies of any letters you send or receive from and to your creditors. Set up a filing system in your home and keep copies handy. You want easy access in the event something goes wrong.

Get copies of your credit reports. Contact Experian, Equifax, and TransUnion to request copies. You have a right to free annual copies of your reports. If you have not taken advantage of this benefit, do so now. Try to avoid applying for credit unless you have no alternatives. Each time you apply for credit, it strikes points against your credit score.

Take time to learn about debtors rights. Learn your rights and check your debt options so that you can protect yourself in the future.

If you feel uncomfortable handling your own debt issues, you have debt options such as debt consolidation, debt counseling and so on. Take time to study these resources and make sure that if you decide to choose help that you find a legit company. Never accept any agreement with a company until you understand what you are agreeing to.

Some of these debt management programs, debt counseling orgs, etc are setup to make money, not to help you find a way out of debt.

In conclusion, when you take time to discover debt options you will have time and money to clear your debt issues.

By: Martin Lukac

Contact Your Creditors and Settle Your Credit Card Debt

admin — Mon, 15 Jun 2009 14:35:20 +0000

When settling your credit card debt, the first thing you need to do is try to see where you stand financially. If you can formulate a budget that is workable and realistic, then perhaps there is no need for you to call for debt assistance. However, if your financial footing is slipping and you perceive that your income is not going to be enough, then perhaps it is high time you see what you can do to slow things down and keep your debt under control.

If possible, the best way for you to keep your debt in a manageable state is by contacting your creditors and trying to work out a payment program that is not heavy on your budget and satisfying to the credit card companies. By explaining your situation to them, it shows that you are willing to settle your debt despite the financial setbacks you might be currently experiencing.

Most often than not, it is these companies who actually try to create solutions where you can pay them at a rate that is not so hard on you and fully acceptable to them. But if you cannot work out an agreement, then perhaps you can settle your credit card debt by opting for a debt consolidation program. This means you take out a new loan to clear all your debts. In return, you just have one loan to pay and the payment structure will be so easy to maintain since it is based on your financial standings.

By: Jiles Masson