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subject: Debt Settlement Tips – Think Before You Settle Your Debts [print this page]

Debt Settlement Tips Think Before You Settle Your Debts

Negotiating with creditors is a fine work of art where things appear very critical and oppressive at the very first instance, but surprisingly might gather wonderful results at the end. The only tools required are ample patience and keeping in touch with the creditors and a track of all the necessary documents. It is foolish to depend on the words of the creditors as they might change at any point of time. Anything verbal can prove to be unworthy and without any consequence.

There are certain tips required to be followed in order to acquire the best deal for the credit card settlement program

Proper Documentation: The very first objective should be to have everything in proper documentation; anything verbal might not remain till the end of the bargain. It is obvious that creditors are clever enough to forget or misinterpret any verbal conversation that takes place in-between them. Creditors are not expected to follow their words religiously either.

Records to be maintained and followed in a systematic way: The conversation that takes place between the creditor and the settler is mostly done over the phone where it is very difficult to keep an evidence, so the best way is to keep a track of the call is by getting the name of the person talked to and also to quote the important part of the conversation in a piece of paper Don't forget to follow up all phone conversations with a certified letter.

Time factor: A good settlement happens only with time, time is an assured benefit to a good settlement. As time passes by, creditors are weary and tries to get back whatever they can out of the customers. They feel satisfied if they can get back only the original debt amount; again, this helps the customers with an added benefit. It is always wise to make the creditors to go for a ride by not fixing the settlement on the first or the second agreement, instead make them feel that their requirement is prior. Remind the creditors all the time about the expiration date, so that they are well aware as to fix up things taking care of the time durationas there is never a second time!

Bankruptcy: The best and the last tip to a good credit card settlement would be to let the creditor know that the customer had desperately filed a bankruptcy because he has no money to pay. At times good settlement works out, but to be on the safer side one should be aware of the legal limitations attached to bankruptcy.

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