Know Your Debt Settlement Facts Before Talking With a Debt Settlement Company

Know Your Debt Settlement Facts Before Talking With a Debt Settlement Company

Debt settlement companies offer expert solutions to debt related problems, but it is wise to know your debt settlement facts before these companies step in. If a bill is unpaid for around 2 to 3 months one may expect an unfriendly reminder from the creditor. There is a list of facts that a debt stricken consumer should know before proceeding with settlement procedures.

The first fact that a debtor should keep in mind is that the creditor will be most willing to negotiate in favor of the former even if they do not show it. This is because the debtors 'have' something that the creditors want and pushing the former to bankruptcy will not help anyone.

It is wise to let the creditors know that you know your debt settlement facts and legalities associated with it. A consumer should learn about the Statute of Limitation (SoL) on the particular debt in question. SoL is the legal time frame within which the creditors can collect the debt. If this time limit is over then the collection agencies can do nothing about the debt.

The debt validation method is a good way to deal with debts. It is also a federal right guaranteed under the Fair Debt Collection Practices Act (FDCPA). The collector should communicate the debt validation rights of the consumer within 5 days of initial communication. Any violation of this right can be reported to the Federal Trade Commission, which in turn may make the collectors pay up to about $1000 as fine.

The collectors may threaten the consumers with added interest and present a blown up amount to be paid by the debtors. Such interest does not exist. The collection agencies buy these debts from the original creditors in may be even less than 7 cents per dollar. If they charge more than the total amount due adding on these fictitious interests, it means they are making more than hundred percent profit at the debtors' expense. Even if the consumer pays 25% of the total payable amount, these collection companies will make a good profit. Therefore, DO NOT agree to pay what they ask for. Wait till the amount is negotiated to 50% at least.

Debt settlement companies follow almost the same procedure to negotiate, but they are experts and do not falter. So, it is considered wise to consult them. The reason why it is good to know your debt settlement facts is that, the creditors will not be able to strike you cold in the initial calls they make. If they agree to settle the debt in the first few calls, then start to negotiate by willing to pay about 20 to 25% of the due amount.

Bankruptcy, as discussed before, is bad for both the concerned parties, but there is no harm in threatening with bankruptcy. Creditors always respond well to this. There are a few other things one should keep in mind.

Keep a track of the number of calls made to the creditor and received from them. A copy of the letters sent to the creditors should also be preserved. Always be polite while talking to the collectors and show that you are willing to pay back. Whatever be the settlement terms one should always take it in writing. Any further problems should be taken to the debt settlement companies.

Debt settlement companies are widely available in just about every state however some are just flat out more experienced than others in debt negotiation. That's why it's so important for consumers to use debt relief networks. These networks qualify and only accept the best performing debt settlement companies. To find a legitimate debt settlement company in your state check out the following link:

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