Self help debt negotiation should be the first goal in solving your unsettled debt. Of course, you can always get the help of a debt settlement service once you find out that for certain reasons you need professional help.
But no matter who you are, how much debt you have, or how much money you make, you can always “do it yourself.”
You can negotiate debt by yourself if you have unsettled debt that you want to put an end to. In this case, all parties are interested in because it will allow you to pay a portion of the debt or all the debt over a specified period.
This negotiation allows you to make affordable payments and gets some or all the money to the creditor to satisfy your debt.
Steps to Doing Self Help Debt Negotiation
If you face a pushy creditor that has not offered debt negotiation, you can do it yourself. Simply call up and firmly tell the creditor what you are or are not willing to do. Tell them that you want to satisfy the debt, but you cannot afford their payments, so you need to make smaller payments over a longer time.
You can talk down your creditors so that you can pay just a portion of the debt. If the creditor does not seem open to this sort of debt negotiation, you may want to try to talk them into lowering the interest rate, doing away with past interest charges, or even allowing you to repay your debt over a longer period.
You may tell the creditor you will pay up as long as they get rid of any interest that has been charged to the account. In some situations this is thousands of dollars, which makes the debt repayment much more doable.
The idea when dealing with a creditor during debt negotiation is to hold your ground without being rude. You should be reasonable and not only look at the situation from your point of view but also from the creditor’s point of view.
Usually, if you have an acceptable debt negotiation solution, the creditor will jump at it and everyone will be happy.
Does Self Help Debt Negotiation Work?
Self help debt negotiation works. It works because it gets the creditor the money that they want and you don’t go broke in the process. This is a very simple way to repair your credit and get your buying power back.
If you suggest debt negotiation, you may not get an answer right away; instead, it may need to be approved by top officials of the creditor, but chances are they will work with you. Be firm, and don’t let the creditor make you feel bad during the debt negotiation process.
Go in with a favorable offer and you may be done dealing with annoying phone calls and letters in the mail from your creditor before you know it. Don’t be afraid to attempt self help debt negotiation; self debt settlement really does work as long as you don’t back down!
To improve your success rate you can also join a DIY debt settlement program that works. The pioneer for DIY debt settlement is ZipDebt. The company provides practical education and helps you negotiate and settle debts on your own with the proven process.