As discussed many times on this site, there are a lot of companies out there that are specifically designed to help you settle your debt. The catch is they aren’t doing this for free because they like you, they are doing it to make money and you are the one who ends up paying it. Because of this you may be tempted to settle debt by yourself to try to save a few bucks, and why not… if you end up failing you can always turn to a settlement company later on right? So how do you settle debt by yourself? Here are some suggestions that we have.
First, review our debt settlement pros and cons and be sure you know what you’re getting in to. If you still feel that settling your debt is right for you then give the company you are looking to settle with a phone call and let them know you are interested in settling. You may get some push back from the person on the other end of the phone since the average person on the phone is not allowed to make settlement offers, however some are so it’s worth asking. If the person is not qualified to make you a settlement offer then ask to speak to their manager or supervisor who may have a little more authority in the area.
Once you get in contact with the right person, be sure to spell out exactly what the problem is, how much the debt is and how much you can afford to pay. Be sure to also consider any fees such as late charges, interest or any other fees that may compound your debt and be sure they are all included in the discussion.
Also be sure to be polite while you are on the phone. While it may help you feel better to take out your stress on the person you are talking to it may negatively impact your efforts. If you are polite and let the company know that you WANT to pay them and you appreciate their efforts you may get a better deal.
When you are dealing make sure you only accept an offer you can afford. Don’t take a deal if it’s the best that you could do in your negotiations if you know that you will just end up defaulting down the line. Companies can’t make deals with you repeatedly so it is important to be sure you get a good deal on your settlement and be sure it’s one you can live with.
Sadly, sometimes you will deal with people who are either rude or refuse to budge. If this happens to you then you should decline their offer and go about it another way. First you could try writing them a letter (I highly recommend that you send it with a delivery confirmation) and request a specific settlement that way. If this settlement offer is again rebuffed then you may want to consider using a lawyer or debt settlement company instead.
Bottom line, trying to settle debt by yourself can be frustrating and it’s not for everyone. It’s easy to lose control of your emotions when you are in a tough spot with debt so try to remain calm and if you can’t handle your own settlement then you should turn to a professional.
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