subject: Debt Settlement Relief - Tips For Consumers Entering Debt Negotiations [print this page] Debt settlement relief is something that almost all the debtors in America are looking for. This is because of the fact that a deadly recession has hit the US economy and thousands of consumers have lost their jobs. After getting unemployed, they failed to repay their debts. They became defaulters and they filed for bankruptcy. They eventually faced greater financial troubles and therefore, people are now looking for alternate debt settlement relief. This article tries to provide some useful tips for the consumers who are either entering or planning to enter debt negotiations.
Some useful tips:
Make sure that the amount of debt that you have is at least $10,000. It cannot be less than this because this is the minimum amount defined by the government.
Make sure that the debt is consolidated in one single place. This is to ensure that the loan that you have never falls below $10,000 mark and also to make sure that the time and cost of negotiation can be reduced.
Ensure that you must have ways to prove that you are facing financial hardships. This is because of the fact that if you are not able to prove that you are facing financial troubles, you will not be entertained for negotiation.
Consider hiring a professional settlement company. This is because of the fact that a professional company has a complete knowledge of the banking system and they can deal with the creditor professionally.
Make sure that the professional company that you are hiring is TASC certified and has a proper license and registration.
Check for a proven track record for the company that you are looking to hire for negotiation with the creditor.
Remember that according to the new legislations laid down by the Federal Trade Commission, the settlement companies can no longer collect upfront fees from you. They can collect their service charge only after they successfully cut down the debt that you have by at least 50%.
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement.
Debt Settlement Relief - Tips For Consumers Entering Debt Negotiations
