Settle credit card debt » Phone Calls

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 Collector Negotiation Tips – Settle for Less

admin — Wed, 17 Mar 2010 17:16:31 +0000

If you are in debt you probably know the stress of having to deal with debt collectors. The stress of debt can creep into every aspect of your life and cause you many other problems other than financial ones. Many people just avoid talking to debt collectors, although constantly screening phone calls and trying to avoid them is just as stressful as dealing with them directly. Avoiding the problem won’t make it go away and unpaid debt will only continue to grow and ruin your credit. If you are ready to do something about your debt there are ways to negotiate with debt collectors so that you can pay off your debt and stay within your budget, all while saving your credit reputation and avoiding bankruptcy.

One of the reasons people dread talking to debt collectors is because they ask many questions which can potentially be used against you if you give the wrong answers. It is important that you know how to answer debt collectors’ questions and that you know what to say so that you can negotiate payments and terms. If you are unsure what to say or do, it is best to say nothing until you have had a chance to think the situation over.

The first thing to remember when talking to a debt collector is that you should never share financial information. You do not have to give them this information, only the company you owe money too should have access to personal information if you pay it. You also do not have to answer any questions you do not feel comfortable answering, so if you are not sure what to say just decline to answer.

You should also ask the debt collector to send you all the debt information on what you owe in writing as an itemized list including the original debt, interest, and collection charges. This information should be the starting point for your negotiation and will tell you exactly what you owe and if it is accurate. If the debt is not accurate or it is in error, make sure you dispute it as soon as you realize the mistake. Ignoring it because it is wrong or in error will not make the situation go away or resolve the debt. Disputing the debt is the only way to clear it up if you do not owe what you are being charged with. It is best to contact the debt collector with your dispute no more than 30 days from the time they contact you.

Even though debt can be very serious and stressful, you still have rights and debt collectors cannot harass or threaten you. If you find that a debt collector is abusive or threatening, you should notify the proper authorities as these actions are illegal. Make sure you keep a record of all such transactions.

When you go to negotiate, remember that debt collectors are in the business of getting paid and will usually be willing to work out a payment plan with you. If you make it clear that you can only afford so much in payments per month, they will usually work something out with you rather than leave the debt unsettled.

If you are not comfortable enough or you are having trouble negotiating your debts on your own, there are companies out there that do this. This can be a great solution for many people because most of the time the company you work with can negotiate a better deal than most individuals would be able to. These companies have done it time and time again and they don’t have the emotional attachment to the debt like you would. If you are interested it finding out what one of these companies can do for you, please fill out the form HERE and receive a free debt consultation and get your options and get connected with the appropriate people to help with your collections. Know, that after your initial consultation and you get your options and likely outcomes, you have no obligation to go with the company you have every right to go about the negotiations on your own.

By: Manny Vetti

Credit Card Debt Negotiation – The Process Simplified

admin — Tue, 23 Feb 2010 22:36:37 +0000

When you are in conducting a credit card debt negotiation, its important to know that you are negotiating for a position of strength. The Credit card companies don’t want you to default. They make their money by receiving consistent payments from you. Payments that can go on for years and years.

You are the one in control. You have something that they want to get from you, your payment. If your polite, professional and firm, you will get what you want.

This is a serious situation. They do have the ability to instigate legal action. This is unlikely on smaller balances, but is always a possibility. I have seen balances as high as 15,000 dollars end up being charged off without legal action. I have also seen balances as low as $500 go to court after just a few calls. But even court action is a fairly slow process, and you have time to react and negotiate the debt before the court date.

First, you need to make sure that you communicate by mail. Don’t give the collector a “no way out” situation by telling them to never contact you again. You have them backed them into a corner where they have little recourse but legal action. Credit card debt negotiation involves a level of compromise.

Instead, tell them they can contact you only by mail. And that they can never contact you at work. You will need to draft a letter to this effect and send it to them by registered mail, return receipt. In fact, all future communication with the collector will be by registered mail. And you always want to make sure you have a file of the delivery receipts and a copy of the letter available so that they can’t dispute that it was mailed, and that they received it.

The problem with phone calls is that when you are involved in credit card debt negotiation, you need to have verification. If it wasn’t written, it wasn’t done because you have no way to prove it if you end up in court.

Begin your credit card debt negotiation at 20-25% of the original debt amount. The collection agency may have added on fees and charges that you should not include in the settlement amount. These fees just amount to the collection agency trying to make more money, and have nothing to do with the debt to be settled.

Since on the “secondary market” debt is traded at literally a few cents on the dollar, the collection agency is making plenty of money, even if they end up settling at 30 or 40% of the original debt.

Don’t sound to eager to settle. Be calm and collected. Don’t get angry, don’t show hesitation. One thing I really want to add is NEVER let them know that you have some specific reason for settling the debt. Many people make an effort to settle before applying for a home loan for instance. This information is none of the collectors business. If they find out that the reason you want to settle is so that you can buy a house, you will never get a settlement.

So, in review.

1. Never talk to a collector on the phone. Always use registered mail with a return delivery receipt.

2. Start your negotiation at 20 – 25% of the original loan amount.

3. Don’t include the collection agencies add on fees as a part of your credit card debt negotiation.

4. Be calm, educate yourself to the process so that you can speak from a position of knowledge.

Just be patient. And make a good deal. Soon, this will all be behind you. Your credit card debt negotiation means you can get on with your life.

By: Ted Batron

How to Settle Credit Card Debt – Benefits of Using a Debt Settlement Company

admin — Sun, 08 Nov 2009 05:42:39 +0000

When you’re quite literally up to your ears in debt and you need to get some help quickly, considering a means to either consolidate or settle some of it is usually one of the first things that springs to mind. Particularly if you’re getting several phone calls a week and aren’t able to make the payments they are insisting on, you know that you need help.

You have a couple options with your bills. The first will be trying to settle them yourself and get a fee that you can afford to pay so that you can stop the phone calls from coming. In some cases this works, while in others you don’t get a good response from the companies in question.

The second option that you have is to use a professional company to help you to achieve a debt settlement of your overdue bills.

What are the advantages and benefits of your using someone who is trained to do what you need done, who is experienced in it and knows the in’s and out’s of it intimately. Overall we’ve probably just named the benefits to using a company.

While the credit card companies aren’t going to tell you the things they are and are not permitted to do to gain your payment, or the threats they are permitted to make, the company that you use is well versed in them.

The benefits of using a professional to do what you need done are countless but may include:

* Settlement companies know the laws about settlement. They are well aware of what the creditor can do to achieve a payment from you and are well qualified to call their bluff when they make threats.

* Employees for these firms are generally well trained in negotiations and may be able to get you a far better deal than you could get on your own.

* They are well versed in the letters and correspondence that it will take to get the agreement written in stone so that everyone is happy and all of the requirements are met.

* They will do the calling and writing for you to spare you the stress of having to deal with the creditors

The benefits of using a company that was built to do just what you need done are immense. If it takes just an hour’s time for them to do the job that might take you two, and removes the stress from an already stressful situation, any small fee that they may charge will be well worth paying.

By: Hector Milla

Credit Card Debt Negotiation – Easy Ways to Negotiate Debt Settlement

admin — Wed, 29 Apr 2009 00:18:02 +0000

One way of getting out from under all of your credit card debt is through credit card debt negotiation. In this process, you can contact your debtor and get them to settle your debt for a fraction of what you owe.

Though this will hurt your credit rating, it is a far better option than not paying at all or declaring bankruptcy. Those two options will make it very hard for you to get decent rates on future loans and make it hard for you to get a loan period.

Credit card debt negotiation is a very delicate process, involving a bit of give and take from both sides. You don’t have the money to continue making payments over the long term, but the credit card company wants their money back.

The truth is, credit card companies would rather have you pay something and sever the relationship, rather than keep your debt with them, dragging things out with no intention of paying. They don’t want to pay collection agencies to track you down; they would rather just cut their losses.

Many times it can help to employ the services of a debt settlement company through a debt negotiation program, but sometimes you can negotiate with creditors yourself and find positive solutions. If the debt negotiation is successful, it will save you not only money due to reduction in APR but also the hassle that is associated with looking for a new credit card to transfer balance.

If you are negotiating credit card debt by yourself the first thing that you need to do is find a proper mailing address for your credit card company to send all correspondence to. Don’t use the address on your bill, as that is for payment only. Once you have an address that is where you should send all correspondence regarding your negotiations.

Make sure you use registered mail with receipt. This paper trail forces the debtor to honor anything you can verify with mail, as opposed to phone calls, which mean nothing in court, should it come to that.

Also, it is imperative that you stay calm and conduct yourself with professionalism during credit card debt negotiation. Your debtor may try to verbally bully you, but don’t fall for any of the old tricks. Simply express your desire to settle your debt, no more, no less. Don’t include any personal information, such as why you want to settle, as that will likely get you denied.

In the end, you simply need to realize that although you got yourself in this situation for whatever reason, there is a way out. Systems have been put in place for situations such as yours; you just need to avail yourself of them. Regardless, it doesn’t hurt to call up your credit card company and ask, just make sure you follow up that call with registered mail.

By: Paul Sarwana