Self Credit Card Debt Settlement - How to Do It
You may think that settling credit card debt is not something you can do on your own, but if you take your time and follow the necessary steps, it is possible.
It does take some time and effort, but there are ways you can settle on your own without the help of an outside party.
The first thing you need to do in order to settle your debts with your creditors is make a list of everybody you owe and their contact information.
Find out exactly how much you owe so that you can determine how much you should try to settle for.
Write a letter explaining your situation and offer to settle for an amount that you will be able to handle on your own.
A good way to do this is to start low.
Think of it as a business deal, where you start with an outrageously low amount such as 25 percent, and when they deny your offer, work your way up.
You would not want to start off too high, otherwise you will end up settling for an amount higher than you may be able to afford and higher than they would of settled for had you started low.
In addition to a letter, contact your creditors by phone as well.
Explain your situation, and make sure to be firm with them.
Creditors are notorious for training their employees to be demanding and intimidating.
Even if it bothers you, do not let them see it.
Doing so will only make matters worse.
If you have a hard time coming to an agreement, tell them that your only other option is bankruptcy.
This will alert them to give you a settlement amount.
If you come to an agreement, get it in writing.
Talk to a supervisor, document the call with the date and time, and get the name and employee number of the person you are speaking with.
Ask for a letter in writing to confirm the settlement information, and let them know they will receive payment once you get the letter that says you have come to a settlement agreement.
Debt settlement is a difficult and frustrating process to go through on your own, but in the long run it is well worth your time and effort.
In the end you will be able to satisfy debts that you would not have been able to had you not gone through this process, and you get a good feeling knowing that you did it on your own.
It does take some time and effort, but there are ways you can settle on your own without the help of an outside party.
The first thing you need to do in order to settle your debts with your creditors is make a list of everybody you owe and their contact information.
Find out exactly how much you owe so that you can determine how much you should try to settle for.
Write a letter explaining your situation and offer to settle for an amount that you will be able to handle on your own.
A good way to do this is to start low.
Think of it as a business deal, where you start with an outrageously low amount such as 25 percent, and when they deny your offer, work your way up.
You would not want to start off too high, otherwise you will end up settling for an amount higher than you may be able to afford and higher than they would of settled for had you started low.
In addition to a letter, contact your creditors by phone as well.
Explain your situation, and make sure to be firm with them.
Creditors are notorious for training their employees to be demanding and intimidating.
Even if it bothers you, do not let them see it.
Doing so will only make matters worse.
If you have a hard time coming to an agreement, tell them that your only other option is bankruptcy.
This will alert them to give you a settlement amount.
If you come to an agreement, get it in writing.
Talk to a supervisor, document the call with the date and time, and get the name and employee number of the person you are speaking with.
Ask for a letter in writing to confirm the settlement information, and let them know they will receive payment once you get the letter that says you have come to a settlement agreement.
Debt settlement is a difficult and frustrating process to go through on your own, but in the long run it is well worth your time and effort.
In the end you will be able to satisfy debts that you would not have been able to had you not gone through this process, and you get a good feeling knowing that you did it on your own.