Settle Credit Card Debt
Settle Credit Card Debt – Settle credit card debt by taking specific steps. As a matter of fact, you may be able to settle card debt quickly because you may have completed the first two steps already. This is what you need to do:
1. Stop paying on your credit cards.
Creditors will not want to negotiate with you if you are paying your bills on time. They will try to get 100% of their money if they think you have it to give. Bargaining can only start if they think they will not see a dime otherwise. If you are having been having trouble making your payments, you have probably completed this step already. Slot Game Online.
2. Ignore the threats.
A “threat” is what the collection calls and letters are called. If you fall too far behind, then your account will most likely be transferred to a collection agency. They will call and send nasty letters that may elude to them threatening future legal action. The fact is that most agencies will not take it this far because it is expensive to take someone to court. In most cases it is not worth it for them to pursue legal action. If you have been getting calls and letters that you have been ignoring for some time, you have already completed this step also. Believe it or not, ignoring the threats in the past will make it easier to settle credit card debt now. Slot Game Online.
3. Offer an amount that you can pay, and do it in writing.
This is where the negotiation process comes in, and if you want to settle your credit card debt now, I suggest you use a professional debt negotiator. Either way, a letter will be written to your creditor asking them not to contact you by phone any longer, and you will offer to pay just 25% of the debt that is owed. (When you request not to be contacted by phone, by law they cannot call you anymore.) In the letter, you will start negotiating low on your end because they will come back with a response that starts high on their end. Slot Game Online.
As you negotiate back and forth (in writing), the collectors will try to get as much out of you as possible. This is when it is great to have a negotiator working for you that is trained and has experience getting it done quickly. When you do it yourself, your lenders will play hardball and may try to make you feel guilty for not being able to pay the whole thing. If you do decide to do it yourself, when this happens do not offer them any amounts that you cannot handle because as soon as you agree to an amount, you will be responsible for paying it. Slot Game Online.
4. Stick to your guns.
If you are going through the debt-settlement process alone, your first offer will most likely be denied. This process can be a real headache, but do not get discouraged – keep negotiating. The credit card company’s job is to get as much money out of you that they can. If it seems like too much to handle, let a professional handle it for you. Many companies that settle credit card debt do not charge any fees for an initial consultation, and they require no payments from you up front. Slot Game Online.
Instead, they will roll their cost into your new negotiated payments. For example, if you owe $10,000 in total credit card debt, and your minimum payments total around $700, a professional could negotiate a lower balance of 40% ($4,000) with a 36 month repayment period. Once they knock your payments down and roll their cost in, you would only have to pay around $200 a month, saving you $500! Slot Game Online.
5. Know about your leverage.
Companies know that if you declare bankruptcy, they will not get paid anything at all. Use this to your advantage and continue to negotiate a settlement until you reach an amount you can afford. Slot Game Online.
6. Get your settlement agreement in writing.
When you come to an agreement, make sure you have it in writing before you pay anything. Also, get confirmation that the amount you are paying will truly settle your credit card debt with this lender and ensure that the end date is included. When you make the last payment, you are done. That debt is considered “settled” and “paid in full”. Slot Game Online.
If you are attempting debt settlement on your own, repeat these steps for each credit card or unsecured personal loan you are having trouble paying. If you use a service, they will handle everything for you at once. Slot Game Online.
Again, although you can do it yourself, you should sign up for a debt settlement program with a professional that will represent you. When you attempt to settle credit card debt on your own. It can be a long and drawn out process. When you get into a program, the debt-relief counselor acts as a shield between you and the collection agencies so they stop calling you and sending you nasty letters. Take the stress of yourself. Let someone who has experience handle your settlement instead. Slot Game Online.