subject: How to Settle Debts the Right Way and Keep Good Records [print this page] How to Settle Debts the Right Way and Keep Good Records
There is a legal and effective way to reduce your debts. With almost half of all American households suffering with excessive debt, it's important to understand how debt settlement works and how to go about it.
There are several things you should know before you consider these strategies.
Keeping records is vital when you are planning to try to settle your debts.
Aurora Lillo Editor of the "Reputable Debt Settlement" website -- http://www.ReputableDebtSettlement.com -- pointed out;
"...Before you can sit down and start working through the process, you will need the records regarding your current debt. Gather all of your credit card statements, and your bank statements for the 6 months. You will want to make copies of all of these. Debt settlement companies will need copies of the statements and any correspondence you have had with your creditors..."
If you plan on negotiating your own settlement, you will want to keep copies of any letters you write to the creditors, and keep records of their responses. This will serve as your only proof of a settlement offer. If you are working with a company to negotiate your debts, they will provide you with copies of this.
Since many people have a hard time getting and staying organized, it's a good option to find a reputable company to help you with the whole process. They will have the experience and know how to get you the best settlement offer and will help you with the legal aspect and the paperwork.
Once you have a settlement offer, you will need to start keeping records of the money being saved to pay off the debt. This will include deposit records and savings account statements. The creditor may require copies of this occasionally to ensure you are holding to your end of the bargain.
"...It's also a good idea to pull your credit report every year. A creditor should be willing to freeze any delinquent accounts that you are working on paying off. The credit reports will help you monitor the activity on those accounts. You can compare the amounts on the credit report to the amounts in your records to ensure late fees and interest is not still being tacked on to the account..." added A. Lillo.
A debt settlement company will help you greatly with keeping track of everything and paying down your debt legally and effectively. If you lose a copy of something, the company you are working with will have the necessary paperwork in your file.
Further Information By Visiting; http://www.ReputableDebtSettlement.com
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