subject: Debt Settlement Negotiations - Can You Do it Yourself? - Advice From a Debt Relief Professional [print this page] Debt Settlement Negotiations - Can You Do it Yourself? - Advice From a Debt Relief Professional
Can you negotiate debt relief on your own? A do-it-yourself program may be like a doctor doing his or her own heart surgery. Probably not a very good idea. However, the credit card companies are looking to negotiate. So it's tempting to give them a call and let them know you're in the market for debt relief and want to know how to cut down the amount you owe.
They may give you a better interest rate, half a point or more less, and laugh a little bit, but that's probably about the extent of it. What you may need instead is solid debt relief advice. Advice from a debt relief professional trained in the art of debt settlement negotiations. If you don't want to do it yourself or you've tried and are frustrated with the effort, here's another way:
- Debt settlement companies - Tell someone your troubles and let them act on your behalf. You try this directly with the credit card company and you'll hit a brick wall. Not so with a debt settlement professional. They're skilled at negotiation and bartering with credit card companies not only to resolve your debt but to resolve it for less than you owe. A legitimate debt settlement company has the know-how and experience to work through your debts, determine a settlement amount you can live with and then will go to work to make the plan fly with the credit card companies.
The advice a credit card company will give you would be to pay your bills. The advice is that settlement company will give you would be to get out of debt and let them help you figure out the least expensive way to do it. The debt relief plan will be carefully thought out and can put you back on the road to financial recovery. It's not heart surgery or rocket science, but it can be involved and it might be wise to consult an expert.
Seek advice from a settlement professional before you attempt to do it yourself.
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.
