Debt settlement is a difficult experience that many consumers have to face.
The settlement deals are not the same for all debtors.
The settlement amount varies on many factors like how much money you owe your creditors, who is your creditor, how irritated are you of the collection calls that you are getting and most importantly how good are you at negotiating settlements.
We will give you various strategies which you can use for settling your debts.
Hiring a debt relief company is one of the best things you can do if you are completely stress out.
If you have ten thousand dollars or more in unsecured debt then a good settlement company can help you get relief from debt.
All you will need is to locate a good settlement company to represent you during negotiations.
Do a little research on the company, you intend to hire before you sign up with them.
If you are confident that you can do it yourself, then you can start by calling your creditors.
You can offer them to settle your debt for 50 % of the total debt value.
Most companies will be willing to negotiate only if you can pay the remaining amount at the time of negotiation.
Hence, prior to negotiation you will have to collect enough money to strike this deal.
You can borrow from friends or family or you can use your savings.
It is a general practice to open the negotiation offer at the lowest possible bid.
You can start at 25 % of the total loan amount.
Some settlement companies can get you a debt relief of up to 60 %.
Once the deal is finalised get the agreement in writing before you make any payments.