Maybe you’ve seen ads that promise to negotiate on your behalf with credit card companies and collection agencies to shrink your debts. It might sound too good to be true, but the truth is that it sometimes is possible to convince your creditors to settle for less than what you owe. And if it can be done, you can probably do it yourself. Here’s what you need to know about the process.
Well, I have to admit that when I first started reading this article I thought to myself "There is a lot of misinformation here." However, further reading made me realize that this is one of very few articles relating to debt settlement that actually has some very good tips. Is there some misinformation in the article? Yes, but also some very good tips. Growing a thick skin is definitely a necessity, because dealing with collectors can be extremely intimidating for consumers. I do want to add, however, that it's not always in your best interest to try and settle a debt before it goes into collections. This is 100% false. While this technique works with some credit card companies, it doesn't work with the majority of them. Unfortunate? Yes, but if you want to properly settle your debts for the least amount of money, sometimes it takes patience. At our company, when we receive correspondence from a creditor for one of our clients, the first thing we do is enter the "source code" and telephone number listed on the correspondence into our database to compare it with other accounts that have been placed with that particular department. This allows us to have insight into what is the best next step to take on that particular account. If we find that the account can be settled before it goes further into collection, we go for it. If not, we wait it out and focus on other accounts. I know a lot of articles discourage consumers from using a debt settlement company, and I can't say that I totally disagree with this; there are a lot of unscrupulous companies (especially debt settlement law firms) out there that charge astronomical fees before they even provide a service. If you end up talking with a company that wants to charge you any up front fees or monthly fees, run - don't walk - as fast as you can. It really is best to hire a professional to do the job for you, as they will likely save you more than you could on your own, even when you take their fees into consideration, IF they are a reasonable, fair and consumer friendly company. Feel free to contact us at www.donaldsonwilliams.com
Good stuff to know about that how to settling debts for less than owing.
It is a good to consider for this steps whenever having needs to
settling debts for less than owing. Consider for debt settlement company
that would be also a great idea for debt settlement. If you want to
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I would just go to settlebankdebt.com . They usually settle in a few days if you are willing to get the debt settled.
Settling an account before it goes to collections has it own issues. If a debt is settled outside of collections the bill collector may be a junk debt collector who purchased the debt for his own that means no imputed income tax on the debt forgiveness because the money was never lent. Now the debt can be settled similar to a civil dispute without tax implications.