parkthien12
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| Debt Settlement Tips |
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People have problems with credit card and other debts on a regular basis. Debt collectors file hundreds, even thousands, of lawsuits each year to collect money, when most of these cases could be resolved without litigation. These five tips will help you resolve your debt case before you are sued and before you incur the expense of an attorney.
1. Call the creditor when you first get behind in your payments. Creditors do not want to write off the debt and sell it for pennies on the dollar, so they are interested in working with you if they know you are willing to pay the debt. However, you must call the creditor as soon as you start having problems, which usually means as soon as you miss the first payment.
2. Be realistic about your situation. If your situation is temporary due to an increase in bills from a medical incident or a short-term drop in income, explain to your creditors how things have changed. However, if you can't pay your bills and don't see your situation changing in the near future, then you may need to consider filing for bankruptcy. While no one enjoys a bankruptcy filing, in some cases it may be the best option. For example, if you have a large amount of debts and your assets are limited, you should consider bankruptcy. Or, if you have no income for an extended period of time, you should consult with a bankruptcy attorney.
3. Avoid credit counseling agencies. Consumer credit counseling agencies work by taking your money and waiting until you get behind in your payments. They then try to negotiate with the creditor, offering a percentage of your monthly payment to the creditors and keeping the difference as their fee. However, not all creditors will work with these agencies, and even the creditors that do will usually give the consumer a better deal directly.
4. Consider the implications of any settlement. Sometimes a creditor will be willing to accept a smaller amount than you owe. For example, you may owe $10,000 but the creditor may accept $8,000 as payment in full. The $2,000 may be considered income to you, so consult with a tax advisor about the settlement and any tax implications it may have.
5. Do not threaten to hire an attorney to sue a creditor. Plenty of people may tell you that you need to be aggressive and threaten to sue a creditor, but in most cases this is bad advice. Creditors take a dim view of borrowers who begin the process by threatening to hire an attorney or threatening to sue them. Here is where the old expression "You can catch more flies with honey than with vinegar" really applies.
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Fri May 21, 2010 3:18 am |
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jason_simpson
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Some more debt settlement tips are:
* Prioritize your bills.
* Estimate how much you can pay and offer less.
* Don't tell them your life story.
* Keep private information private.
* Stay calm and focused.
* Tape the call if you can.
* Take notes.
* Get proof of payment agreement in writing.
* Ask a debt collector to remove any negative information they've placed on your credit report.
* Don't make any payments upfront unless you get a confirmation of payment agreement in writing.
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Fri May 21, 2010 4:39 pm |
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banjo_10
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Location: Oklahoma
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I don't get it. I have tried calling. I have friends that have tried calling. If you really need some help or to pay something less than 100 (okay, maybe 95) percent, the companies won't talk. It doesn't seem like they really want to deal.
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Fri May 21, 2010 9:02 pm |
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Adria.John
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quote:
Originally posted by coaster
quote:
If you want to know what God thinks of money....
and God said, "the love of money is the root of all evil", so I think you're mistaken about where they got their money.
Well said Coaster, I like your comment. I have seen many people loosing everything in greed and over expectation.
Loan Expert!
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Sat May 22, 2010 10:03 am |
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iwillguide
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| hi |
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find a good debt settlement company in your area that you living.They don't give loan but help you make all your debts in one affordable monthly payment.
loan places | loans near me |payday loans near me
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Sun May 23, 2010 5:36 am |
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Adria.John
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Getting out of debt through a debt settlement process is currently very popular but you need to know where to locate the best performing programs in order to get the best deals. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.
Loan Expert!
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Thu May 27, 2010 12:17 pm |
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jason_simpson
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Location: London
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These five tips will help you resolve your debt case before you are sued and before you incur the expense of an attorney.
1. Call the creditor when you first get behind in your payments.
2. Be realistic about your situation.
3. Avoid credit counseling agencies.
4. Consider the implications of any settlement.
5. Do not threaten to hire an attorney to sue a creditor.
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Sat May 29, 2010 4:11 am |
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keven lee
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Thanks for this is post, this post is valueable for every one, having all the knowledge of debt management. I was loking for this kind of article. great work thanks.
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Mon May 31, 2010 1:31 pm |
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AlFromLA
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Location: Los Angeles
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I have tried contacting creditcard companies myself but I haven't been very successful. If you can have a deb consolidation company, a lawyer, or someone who knows better how to deal with credit companies to present you and do the communication on your behalf, lenders have tendency to take that more seriously.
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Wed Jun 09, 2010 11:21 pm |
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jason_simpson
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If your debt is fresh, most companies will offer to settle your debt for as much as 50% of the original amount owed. This also will happen around holidays like Thanksgiving and Christmas. Along with the discounted offer, they usually have at least three different payment methods for you to pay. If this offer is an attractive offer, it would be advisable to take it. Remember not to throw away that offer letter just in case they try to get sneaky with you.
Keep in mind that you are trying to make this offer look attractive to them so be sure to include:
1. How much you are going to pay them.
2. How the payment will be made upon acceptance of agreement.
3. When they can expect payment from you.
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Thu Jun 10, 2010 1:48 pm |
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madrissa.ch
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Good Post. And the Dept Settlement Tips are good. Thank You
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Wed Jun 16, 2010 7:49 am |
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pwsolutions
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Location: Dallas, TX
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thank you for so many debt consolidation tips.
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Wed Jun 16, 2010 3:38 pm |
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Adria.John
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Location: UK
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It is interesting to see so much of contribution to the thread. Thanks everybody.
Loan Expert!
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Sun Jun 20, 2010 10:16 am |
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ed2009
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Joined: 02 Dec 2009
Location: CA
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Jason, what if you cant pay your debt like a State student loan, what does the collection agency can do worse to you?
quote:
Originally posted by jason_simpson
If your debt is fresh, most companies will offer to settle your debt for as much as 50% of the original amount owed. This also will happen around holidays like Thanksgiving and Christmas. Along with the discounted offer, they usually have at least three different payment methods for you to pay. If this offer is an attractive offer, it would be advisable to take it. Remember not to throw away that offer letter just in case they try to get sneaky with you.
Keep in mind that you are trying to make this offer look attractive to them so be sure to include:
1. How much you are going to pay them.
2. How the payment will be made upon acceptance of agreement.
3. When they can expect payment from you.
Insurance Life Insurance Good Insurance
Cash Loan
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Mon Jun 21, 2010 4:46 pm |
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