subject: Settle Debt For Less - Eliminate What You Owe Creditors With DIY Debt Arbitration [print this page] You might have heard that debt settlement can be done by a professional company but you can also do it yourself. Debt arbitration is also known as debt negotiation because this is what you will be doing with the creditor so that you can reach a common grown and agree with an amount of debt that both of you are happy with. You will have to aim for an affordable amount which you can clear in the next 2-3 years. If you are a lone wolf and you don't want to hire a debt settlement company, here are some tips that can come in handy when you negotiate.
An advance is always a good sign. If you have some money saved up, this is a good time to get them out and use them. When you send your settlement letter, try to give a part of your debt back so that you get their attention. If they respond to your letter with a counter offer, you can start to negotiate.
Try to be realistic. Present your financial situation to them and explain why you can't afford to pay the whole amount. Don't settle for less when you know that you will not be able to pay that amount because you will soon end up in the same situation. Fight for what you want and stand your ground to get a good deal which you can afford.
Mention bankruptcy. Debt arbitration is usually the last option before bankruptcy and make sure you make that clear to the creditor. They don't want you to be forced to make such a drastic choice because they don't get anything from your loan. At least this way they get half and you get to clear your debt.
Credit score. After you are done with the negotiations regarding the amount of debt, make sure that once you clear the rest, it will say "paid in full" on your credit report. A good credit score is something to look after and it won't hurt to talk about it when you negotiate your debt.
Consider these tips when you do it yourself and see what deals you can get; it is not impossible to get a good deal and you also save money.
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.
Settle Debt For Less - Eliminate What You Owe Creditors With DIY Debt Arbitration
