Legitimate Debt Relief Advice
Debt settlement is a good way for you to save thousands or hundreds of dollars, stop the creditors, collection agents, and attorney's from harassing you, and cleaning up your credit reports. Nevertheless, before you enter this game, there are five tips/questions you should ask yourself before the start of negotiations.
Debt settlement advice tip - Question 1 - Can I record the conversation with the creditor?
Yes, and no; it depends on your state laws. If your state is a one party state, then you do not need the creditor's permission to record the conversation because you need only one person's authorization, and that is yours. In a two party state, you do need the creditor's permission to record the conversation. See your state laws on recording conversations over the phone.
Debt settlement advice tip - Question 2 - Should I document my contact with the creditor?
Yes, always document and keep correspondences between yourself, the creditor, and the collection agency. Furthermore, keep all letters and envelopes from the creditor as the envelopes show the dates they were sent. Documentation is needed in case you have to go to court and prove to the judge that you tried to settle the debt.
Debt settlement advice tip - Question 3 - How many creditors or collection agencies should I deal with at one time?
Settle with each creditor or collection agency one at a time. For example, find out how much you owe on the first debt, then call them up or send a settlement letter. Once you have negotiated a deal, start with the second creditor. If you call up multiple creditors at one time, you may run out of money to settle your debts.
Debt settlement advice tip - Question 4 - Should I write or call?
When dealing with the original creditor, you should call them because they are not as cold as the collection agencies. Moreover, send all settlement letters via certified mail with return receipt to collection agencies as they have a habit of not honoring their agreements.
Debt settlement advice tip - Question 5 - What should I say?
Contact the creditor by phone and ask them for the customer service department. Don't admit that the debt is yours, or you can restart the state statute of limitation. Politely provide them with your account number and inquire whether their company offers settlements. Keep your conversation short and straight to the point.
In summary, remember the following key points: recording the conversation if you state allows it, documentation is crucial as it servers as proof of your contract, always deal with one old debt at a time, start negotiations off with a call or in writing, and know what to say over the phone. Now that you are empowered with more information, go out there, and take action.
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