How Can One Begin The Debt Settlement Process?

The debt settlement process always begins with a debt settlement letter to each individual creditor

. In this letter there is relevant information that must be included to start the negotiation process. To effectively gain the attention of the creditor a debt settlement letter must include:

" Intention - The letter must clearly state that this document is being sent as a way to open communication between the creditor and the debtor to negotiate a reduced payment option on the account.

" Account Information - Complete account information must be included. This information must state who the account belongs to, when it was opened, when it entered into collections if relevant, the balance on the account, and a payment history.

" Explanation - The letter must contain a valid and legal reason why the debtor is seeking debt settlement on this account. It must contain the financial circumstances of making this type of action necessary.

" First Offer - The letter must begin the negotiation process by making an offer for a lower amount than what is owed to the creditor as a total payoff amount.

" ""Legalese"" - The letter must contain the proper state-relevant legal information that compels the creditor to respond to the letter within a specific period of time to begin negotiations.

While this process can be done by the debtor themselves, it is recommended that they seek the help and advice of a debt attorney. A debt attorney is a skilled negotiator that will be well-versed in the debt reduction process. The attorney will be aware of all legal issues concerning a debt in the state the action is began in, and they will be able to compel the creditor to respond to the request.

As a trained person in the legal field, an attorney will also be able to help the debtor negotiate with the creditor to the fullest extent of the law. In many cases, creditors simply refuse to negotiate with a debtor because they are not legally represented. It is a bully-tactic, but one that is used for their benefit.

Having legal representation will also ensure that your debt settlement letter is in full compliance with the law and meets the requirements of the creditor to apply for a reduction in debt. Many companies have specific rules for applying for a debt reduction, rules that if not followed accurately result in a denial for help.

While it is true that a person can apply for a debt reduction, it is always better to seek legal help than to leave your financial fate to inexperience. Most people do not have the legal training required to compel the creditors to negotiate. Using an attorney for this type of process ensures that you could receive the best pay off amount for your debts, securing a more stable financial future for yourself and your loved ones.

by: Alvin Clark

POST COMMENT

Features To Look For In Surface Cleaners Fireplace: A Multi-purpose Tool Leak Detection Vs Plumbing - How Are They Different? Natural Remedy For Uremia Grab A Best Wi-fi Router Some Special Gift Ideas For Men Reasons Passive Income Opportunities Need To Be Your Number One Way To Earn Money Explore Luxurious Living In Bali With Excellent Holiday Villas Bali No Matter The Transaction, You Need A Good Property Lawyer On Side Tips For Living With Roommates In An Apartment Subvastus Knee Replacement Changing Lives In Asheboro Nc About Storm Damage, Hail Damage In Concord Nc Get The Trees Removed In Your Area Effectively