subject: Personal Debt Relief Options - Tips For Negotiating Debt With Your Creditors [print this page] Looking for personal debt relief options? Want to know the tips for negotiating debt with your creditors? Well, in that case, you must try and get hold of a good settlement company. Yes, the best personal debt relief option is the method of debt settlement. All that you need to do is to hire a professional debt settlement company which has a proven track record and a good reputation. But before you look for a professional settlement company, there are a couple of things that you must now and keep in mind. These are:
The total unsecured debt that you have must be at least $10k or more and the debt needs to be consolidated in one place.
The settlement company that you hire must be TASC certified and that they must not charge you with upfront fees.
Once you hire a professional settlement company, the negotiator from the company will then ask you to go delinquent. This is necessary to prove that you are in financial hardship. Once you stop paying, the creditor will wait for 90-120 days and then sell off the debt to a collection agency for as little as 20 cents to 30 cents for each dollar collected from you.
The negotiator will know exactly when this deal takes place and then contacts the creditor will a better deal of 30-50 cents on the dollar. The negotiator will also threaten the consumer that if the deal is declined by the creditor, you will be left with no other option but to file for bankruptcy. The creditor will never want you to file for bankruptcy and will accept the deal on the ground that it will mean 100% return on investment for the collection agency that the creditor hires. The creditor will then eliminate at least 50% of the debt that you have. Once the creditor agrees, you need to repay the remaining amount of the debt to the creditor in one single payment. This is how you negotiate debt with your creditors.
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.
Personal Debt Relief Options - Tips For Negotiating Debt With Your Creditors
