A Do It Yourself Debt Settlement Plan That Works!

You can be assured of the fact that many people have tried and are currently trying a do it yourself debt settlement on their own. This can be accomplished if you know how to do so properly. You do, however, need to brush up on your people skills and have a bit more patience then usual. It also pays if you are prepared, coordinated, and have enough presence of mind to understand exactly what you are proposing. (continued below)

Your first line of defense would be to look at the policy the lending company (and try to tackle one company at a time if you have plans of asking for settlements from other lending institutions) has. This may take a lot more research that you could anticipate, but it would certainly pay off to be prepared in the end. 

When you are ready to make the call, then here is a list of things you would need:

1. Your latest statement of account
2. Letters or all possible communications from the lending company about their settlement deals
3. A formal letter stating that you are willing to pay only a specified amount for your loan – which includes the actual date of your payment. Make sure that you specify that you are willing to pay the fees minus all surcharges, late dues, hidden charges and other service charges
4. The name of the person that can handle your account speedily (an accounts manager, or the financial officer who knows your financial details) and...
5. A writing pad and pen for taking down notes during negotiations. You need to listen carefully to their possible counter-proposals as well

#1 and #2 are pretty obvious. You do need these to negotiate a do it yourself debt settlement with the lending company. #3 should be in front of you when you make the call. However, it would also be favorable if you could send a signed copy to the person in charge 4 to 5 days beforehand, either by snail mail or courier. Never send one via e-mail.

# 4 is important since you will either be patched through to a company representative who may only be trained to handle calls and accept payment. Needless to say, this is not the person you would want to discuss a settlement with. Besides, in most cases, you will be passed off to someone else in the company who is authorized to accept settlement deals. You certainly would not want to repeat your arguments over and over. Ask for the manager or the financial officer by name and you will get better results.

Also...state very clearly at the beginning that you are calling about a settlement so you can avoid any possible confusion. If the person on the other end of the line refuses to transfer you to someone who will accept your settlement offer, it would be best to terminate the call politely. You can always call back after a few hours (with hopes that you will get better reception this time.)

Stick to what you have written in the formal letter during the entire negotiation period. If the person on the other end of the line is unwilling to give in, ask them (nicely) for some time to reconsider. You should also ask them for their alternative settlement option, and to please send these via mail. Sooner or later, the company will often send you a better option… so yes, the waiting game can sometimes pay off.

For Free Information on Consolidating Your Debt and Reducing Interest and Fees By Up to 50%, click the image below (or this link).