How To Start A Debt Settlement On Your Own

By Author: J.J. Yong
Total Articles: 963
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During the economy crisis, debt settlement is a common term used among people who are drowned in deep debt. In many people's mind, debt negotiation is a very complicated process and it must be done by debt settlement companies. In fact, this process can be done by individuals without engaging any company. Although you are not good at accounting or finance, it is still possible for you to write off your debts on your own by following the suggested steps:

First things first, in order to kick off your debt settlement procedure, it is important for you to make sure that you have sufficient fund allocated in your saving account before you do any settlement request.

Once you have gathered enough fund in your account, you can proceed with the debt negotiation by writing a negotiation letter to your creditors in order to request for a lower repayment amount. You must know the exact figure of how much you owe and you need to know the interest rates too. Do a careful calculation on the repayment amount. The creditors will be convinced to accept your offer if the proposed repayment amount is around 60%-70% from the outstanding ...
... bills.

If you think that sending letter is not effective enough, you may call directly to your creditors to negotiate on the phone. You may need to make a few phone calls before your creditors finally agree on the amount you propose. Once your creditors have agreed verbally on the phone, request them to issue you a confirmation letter as a proof.

In order to make the process faster, if you have time, it is the best for you to negotiate your debt face to face with your creditors. Specify your current financial difficulties to your creditors and propose a repayment amount which you can afford. The creditors are not cold blooded. In fact, debt negotiation can be completed successfully after a few bargaining sessions.

Recession is the moment where the creditors are more willing to accept debt settlement. Managing debt negotiation on your own is possible and you don't need a financial consultant to help you. A good negotiation skill is more necessary!
For more information about debt settlement letter and debt settlement companies, visit DebtSettlementEssentials.com.