Making A Debt Settlement Deal - Customizing A Debt Settlement Program For You
Making a debt settlement deal and customizing the same for you calls for fulfillment of some requirements which are laid down by the law
. Also, you need to make sure that you hire a professional debt settlement company to negotiate with the creditor instead of negotiating with the creditor by yourself. Let us find out the 'whats' and 'whys' related to customization of settlement program for you.
The first thing that you need to keep in mind is that the amount of unsecured loan that you have must be at least $10k or more. Anything lesser than that amount will not be accepted by the creditors! The next thing that you must remember is that the debt needs to be consolidated in one single place so that the overall debt does not fall short of $10,000 benchmark set by law and also to ensure that the time required and the cost of settlement is minimized.
For customizing the debt settlement program, you will have to make sure that you do not approach the creditor for negotiation by yourself. This is because of the fact that the creditors prefer professional approach and they will take an upper hand on you because you are not well informed about the banking system. Thus, it is better that you hire a professional debt settlement company. Make sure that the company that you hire has a proper license and is approved by TASC.
Once you hire a company, the experts from the company will take over the case and they will study all the information provided by you. They will first determine how much you can pay and what they must do to make the creditor agree for that deal. The negotiator from the company will then ask you to go delinquent. Once you stop paying, the creditor will sell off the debt to a collection agency for as little as 20-30 cents after waiting for a period of 90-120 days.
The negotiator will then contact the creditor and offer a better deal of 30-50 cents and threaten that you will file for bankruptcy in case the creditor declines the offer. This creditor will never want this and will agree to the conditions laid down by the negotiator and eliminate up to 70% of the debt that you have. This is how you customize a debt settlement program!
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement.
Making A Debt Settlement Deal - Customizing A Debt Settlement Program For You