Debt Settlement Letters - Make Sure You Have an Attorney Backed Debt Settlement Firm

Debt Settlement Letters - Make Sure You Have an Attorney Backed Debt Settlement Firm

Debt settlement is a process through which a debtor can make a deal with his creditor to only partly pay their debt at a lower interest, so that neither party has to suffer any negative long-term effects.

A debt settlement letter is the way the debtor initiates the negotiation process. It usually states that he is unable to pay the monthly minimum any longer, but that they are willing to pay off a certain percent of their debt at a certain interest rate. It's usually better to write these with a lawyer, otherwise you may find yourself in an even bigger legal issue as the creditor attempts to get even more money from you.

Some debt settlement agencies already work with lawyers, or are run by lawyers so that they can assist you in writing this important letter, because this usually sets the tone for all future negotiations between the two parties. If your company doesn't have such a service, that you could contact an independent lawyer, but this usually implies extra cost and hassle on your part and people are unwilling to go through this type of situation.

A well-written letter must convince the creditor that you are truly unable to pay your debt in full, even if this fact will undoubtedly be verified. It must also show that you are willing to work with the creditor in good terms despite your precarious situation and it must make it obvious that you have a strong company behind you that will protect you and try their best to get a good deal.

After this first letter, negotiations will surely continue, as most creditors will not stop at the very first offer, and from then on it will be the job of your lawyer to keep you in the loop, and consult with you to make sure the solution you settle on is one that you can realistically manage in the long run.

Therefore, it is very important to have a debt settlement agency that is attorney-based, so that many of these issues can be dealt with in an elegant, efficient manner, for both you and your creditor.

Debt settlement is a legitimate alternative to filing bankruptcy and often makes sense for consumers on the verge of bankruptcy. There are also other debt relief options available so it would be wise to speak with a debt relief specialist to go over your different options.

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