Debt settlement is the process of agreeing to pay your creditors less that you actually owe them. Debt settlement is the preferred option for debtors, but most of the time, the approach is with wrong information. At Debt Settlement US we help our clients understand the process and the understanding what’s it really all about.
While the goal of debt settlement is to negotiate your balance and debt lower, waive your penalties and fee’s, and even decrease your interest rate, this is usually not an easy task. If you are in the process of any type of communication with your creditor, they already know you want to get rid of this debt. They are no longer in pursuit of you and in return want to maximize the amount recovered.
The first thing anyone trying to negotiate needs to know is that creditors will not always say yes. The goal is for them to keep your debt as high as possible while maximizing interest to make sure in the end you pay as much as possible. Having a professional Debt Settlement Representative by your side, negotiating the debt reduction is vital. We understand why and how creditors do the things they do. We have also built professional and quality relationships with these creditors that helps save our clients money.
While it might be hard to get creditors to agree to a decrease in debt you owe, you have to remember that you have what the creditor wants – Money. Here are couple of tips we use:
- Put everything in writing. It is very important to have documentation and correspondences that track conversations. This can be used to negotiate and make sure you are going in the right direction.
- Over the phone conversations need to be documented. Record the name, title, designation, and extension of the person you spoke with. Also record the time and date of the call with details of the discussion. As you talk over the phone write down every little topic of the discussion.
- Understand that time is on your side. The longer the creditor goes without your payment, the more the creditor want to get his money back. Don’t take advantage but be patient. Keep in communication and make sure you get the best deal you can financially afford. Try not to take advantage because you might end up with a lawsuit.
- At the end, make sure the agreement is actually what you wanted. Make sure it’s in written form, and you maintain a copy. This will insure that you are understood and the new terms of the agreement are correctly documented to avoid problems in the future.
Understanding the strategy is not simple. We specialize and pride ourselves in our ability to achieve amazing results for our customers. We have over 30 years experience in negotiating our clients debts.