5 Traps you must avoid while trying to settle debts
5 Traps you must avoid while trying to settle debts
Are you thinking of taking recourse to debt settlement in order to get rid of your debts? Before negotiating with your creditors for settling your debts, you should know that debt settlement is not for everyone. It is usually viewed as an alternative to filing a bankruptcy. People take help of debt settlement when they are unable to pay off the huge outstanding balance. However, while taking help of debt settlement, you need to be aware of its traps as otherwise you'll be ripped off.
Debt settlement traps to avoid
Here are some traps that you may fall into while trying to settle your debts either with the help of a settlement company or by yourself. Read on to know about some common traps and how you can avoid falling prey to them.
If you're taking help of a settlement company
1. Settlement company charging high fees: There are some settlement companies that charge high fees for offering the professional service. They may ask for a flat fee on the basis of your outstanding debt amount or charge a percentage of the amount they're able to negotiate. It is advisable that you select a company that charge a fee based on the forgiven debt amount so that you get the best deal.
2. Taking help of a non-reliable company: You may not get the services as promised to you if you don't check BBB (Better Business Bureau) records while choosing a settlement company. So, review the records to check what the customers have to say about the company you've chosen to get help.
If you're negotiating with the creditors by yourself
3. Paying before getting everything in writing: One of the most common mistakes that the debtors often make is start paying before getting everything in writing. You may start paying on the basis of verbal promises and later on find that the creditors have not forgiven the debt amount as promised. So, you should review agreement carefully before paying anything to the creditors/collection agencies.
4. Not keeping records of communication: Often debtors negotiate with creditors/collection agencies over phone. Even if you negotiate over phone, you should take down details of the person you've spoken to. Along with it, you should also send a certified mail with a return receipt request. If you do not keep records of communication, then you'll not be able to produce them if you're required to show proof in future. So, keep each and every record of communication regardless of its significance.
5. Showing eagerness to settle your debts: You may not be able to get the best deal if you show your eagerness to settle the debts. So, it is advisable that you take plenty of time to decide on a settlement offer and not agree to the proposal quickly. You can search for online debt communities and discuss about your settlement proposal in their debt settlement forums. It will help you to get the best settlement deal.
Apart from above, many of you don't negotiate with your creditors/collection agencies for the removal of negative statements from your reports. It is advisable that you insist on the removal of negative statements to be a part of the debt settlement process. You should negotiate with your creditors that the account statuses must get updated as "Paid in full" so that it has a positive effect on your credit report thus helping you raise your credit score.
http://www.articlesbase.com/debt-consolidation-articles/5-traps-you-must-avoid-while-trying-to-settle-debts-2700560.html
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