Settle credit card debt » Negotiating Debt

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

Yes! You Can Negotiate Your Credit Card Debt

admin — Sat, 15 May 2010 15:22:39 +0000

There are many things that people fear and out of control credit card debt is not something that always comes first to someone’s mind when they think about the worst financial hardship that could happen. But, when it does happen to someone, it can feel as though it is the worst thing ever and that they are buried so far that they will never see any light. But this does not have to be true as there are many ways to go about fixing the problem including debt negotiation. What credit card debt negotiation does is take the debt you owe and either reduces the total amount that you owe or find a way to make it easier to pay it off.

Generally, when a credit account hits a collection agency, there is more room to work a debt negotiation plan. This means that if you owe a total of four thousand dollars, they may be willing to take a lump sum payment of two thousand dollars and call the debt paid off. This helps the company in that they are finally receiving money from the debtor and the debtor is helped by the reduced amount of debt. Credit card debt negotiation plans are often a win-win situation for both parties involved. And while it is true that there will be a small mark on your credit for paying less then the total due, the affect is much less then leaving the debt sit or filing bankruptcy.

What to Do

If you look at your card statement, you will see that your interest rate is listed on there in a spot that is easy to find. If your rate is over 10% then you have something you can use for negotiating credit card debt. These are arbitrary numbers set by the credit card company and you can use them when you are negotiating debt. As long as you always pay your principle you are fine. I had a friend that would call his credit card companies once a year and tell them that if they didn’t lower their interest rates he was paying the card off in full and canceling it. More often than not the rates got lowered. This also affects your monthly payment and can help you control your monthly debt.

The best and generally the cheapest way to go about tackling debt negotiation is to call each of your creditors yourself and explain your hardship. While not every single credit card company or collection agency will be able and willing to accept a deal, there is a good chance that one or even a few of those on your list that you owe will be willing to work with you. Even though you would love to see every creditor on your list cut your debt in half, the fact is, even if one or two were able to slice your debt in half, you will have been successful in your credit card debt negotiation.

If you are feeling that you are not outgoing enough or maybe you are just simply too scared or shy to contact your creditors, you may need the assistance of someone else. There are agencies that are dedicated in helping you with credit card debt negotiation and since it is their job, they may know a few tricks that you do not and this could make all the difference in getting it done. It never hurts to call in some professional help but try to stay away from those who want to charge you excessive fees for their assistance because successful credit card debt negotiation cannot be promised although the success rate for skilled negotiators is extremely high.

By: John Stevenson

Game Plan For Negotiating Debt Via Debt Settlement

admin — Thu, 04 Feb 2010 16:06:44 +0000

There are two ways to eliminate debt via debt settlement and they are dictated by the funds the person seeking debt relief has access to or will have access to on a later date.

If funds are available right away, believe it or not some people in debt have the funds available to settle their delinquent credit card accounts whether they know it or not. Equity on the house, pension plans, family members, etc.., are great sources for loans when it comes to negotiating on your debt. For people with available funds I like to go after the higher debt amounts first. The more debt you eliminate right off the bat the better off you will be when it comes time to negotiating on the lower debt. Having funds creates leverage when negotiating on your debt, it is like that ace under your sleeve. A debt negotiator becomes even better when he knows fund will be available to settle accounts as soon as possible, it makes him/her more confident when speaking with creditors, collectors, lawyers, etc..

Negotiate on one or two accounts at the time, no more. Offers will come but if you have funds and you are not getting the percentages you and your negotiator thinks you deserve then move on to different accounts. Remember having funds available creates a huge advantage. Move around and look for the best settlement offers. Knock one account off at a time, remember some creditors offer better savings than others, listen to your negotiator, together you must make smart decisions. You and your negotiator are a team, always make sure you are on the same page. let him work the creditors make and take the phone calls, never interfere in his work or try to negotiate on your own. remember your negotiator has the skills to help you become debt free.

If funds are not available right away. Do not include all of your accounts in a debt negotiation program, only include those you can negotiate settlements on every three to six months. Continue to make your monthly payments on those accounts not in the debt settlement program. Negotiate on the account with the smaller balance first, knock the accounts out one at a time. Work yourself up to the accounts with a higher balance. As with people who have funds available right away you can also try to get loans from friends and family, pension plans, etc…

Work on a strategy with your negotiator, having no available funds does not mean you cannot negotiate your debt. It only means you must be cautious because you do not have the upper hand. Many people will somewhere along the line be offered incredible settlements, it is your job to be ready to accept them. That is the reason you joined a debt settlement plan, remember it is not a consolidation plan and you do not have for ever to settle your accounts.

By: Dan Delgado