Debt Negotiating Lessons - Learn How to Use Debt Negotiation to Your Advantage

Debt Negotiating Lessons - Learn How to Use Debt Negotiation to Your Advantage

Tim has been desperately looking for debt relief. He owes more than $14,000 to four different credit cards. With collectors from four companies hounding Tim, he has got under severe stress. A search on the Internet has given him a thousand solutions which have added to the confusion. Should he go in for consolidation or for a debt settlement? Anyone in this stage will be thoroughly confused.

The options open to Tim are to pay back the debt within a short period of time or go in for a consolidation loan and pa back the debt over five years. Which option should he adopt? Well, the experts will tell you to use the situation to your advantage. One may ask how? This is where the knowledge come into place.

It will be a wise decision to go in for a consolidation and then negotiate a settlement. The quantum of debt holds the key. If your debt is more than $10,000 you are well within your rights to ask for a debt settlement. So the first thing is to go in for a consolidation. Put all your debt under one head. It will look larger and pose a bigger threat to the creditors. Now think of negotiating a settlement. Do not pay back your bills for a few months to make grounds for the negotiations. The Credit card company has to be fully convinced that you are not in a position to pay back your debt.

Your advantage lies in numbers. The creditors just can not afford to permit your account to languish and move to bankruptcy. This will make it very difficult for them to recover any money from you. They would rather prefer to go in for a debt settlement instead. Negotiations with the creditors should be done after a period of three to six months has lapsed. Go ahead and grab the advantage before it is too late.

Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.

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