Debt Negotiation FAQ - Who Receives A Copy Of My Debt Settlement Agreement?

There are many methods for people who need to make sure that they get some debt relief and one of those methods is debt settlement

. Debt settlement requires you to negotiate your debt and make sure that you reach an agreement with your creditor. When you decide to go for debt settlement you will have to write a letter. The legal is actually a legal document that states the fact that you asked for debt settlement.

You first send this document to your creditor or your collector. This depends on the situation you are in, if you have been contacted by the collectors a lot and your case has been given to them for a while, you will need to send them the letter. On the other hand, if you haven't and you are still paying your installments properly, the letter has to be sent to your creditor. This has to be done as soon as you decide to go for debt settlement and you should still continue to pay your installments each month. The reason for this is that you don't want your creditor to sue you. The company you hire can help you with the letter but if you haven't hired anyone yet, you should know that everything is pretty easy: you can find samples of the letter on the internet or you can ask a lawyer how to proceed. It contains you name, address and the situation you are going through and why you have decided to go for this type of debt relief. Then you should send it to your creditor, but also keep a copy of it. When the time of the negotiation comes, you and your creditor will have the letter and you will both sign it when you reach the agreement.

Make sure that whatever discussion you will have with your creditor and whatever you both agree needs to go on paper, otherwise it is useless. Just as the letter you send, you should make copies of any decisions you may take with the creditor regarding your financial situation. This is very important if you want to have a backup in case the creditor changes their mind.

Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.

Debt Negotiation FAQ - Who Receives A Copy Of My Debt Settlement Agreement?

By: jerryarcher

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