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How to get out of debt I New FTC Laws I Does debt settlement work I Choosing a debt relief program I Debt Settlement or Debt Consolidation I Debt settlement and your credit I Can you settle your own debt I Understanding debt settlement fees I Debt settlement and your taxes I Can I be sued I Debt Help - Get Started today!

Can I settle my own debt?

A 10 part debt relief guide

Part 6 - Go to Part 7
 
DEbt solutions Getting out of debt on your own
The reality is that you can get out of debt on your own. A consumer that is knee-deep in debt really doesn't need a debt relief company to help them settle their debts. It is very possible to eliminate their debt on their own. The problems with this is that most consumers do not know the laws about negotiating debt. Nor do they know the unwritten laws as to when credit card companies are willing bend and start negotiating. Some credit card companies are easier to deal with others. Debt settlement companies that have experience have been down these roads many times and know the ins and outs of settling debt.

One important note that consumers should be aware of when trying to settle debt is that the creditors will not even talk to you if you are making payments on time or are just slightly behind. The credit card companies have to really fear that you will not pay your debt back at all before they will even think about negotiating a deal.
 
So can I really settle my own debt?

The answer is of course yes. The first step is to get on the phone and start contacting your creditors. Simply tell them that you have reached rock bottom and will be unable to pay back the debt at all. Tell them that you have absolutely no resources and try to scare them that they would have an easier time getting blood from a stone. Tell them that you demand that they stop contacting you and that the only way you would talk to anyone is if they will take a one-time payment (of course at a reduced figure of your original debt) as a settlement. Basically, you tell them that you will make a one-time offer to them and offer them a (reasonable) cash settlement so your account with them can be closed. This may or may not work. It depends on many different factors including how much debt you have and how late you are on paying it back. If the representative is not biting on your offer, ask for a manager or call back and get a different representative and try again.

This can be nerve raking and very time consuming, not to mention embarrassing, especially if you have a lot of creditors that you owe. Many of these creditors will not be wiling to play hard ball with you and many of them will try to make your life even more of a nightmare by increasing your interest rates and putting you out for collections, which by the way will destroy your credit.

One advantage of hiring a debt settlement service is that they will take care of all of this for you and come back to you with the settlement. This way you can go on with living your day to day life and concentrate on getting back on track without having to confront these situations.

Good debt settlement companies have great tactics to convincing creditors that you won't pay them another penny if they don't accept the offer. They will have even more leverage if you are in arrears or haven't made a payment within the last 6 months or more.

If you are the type that finds negotiating difficult or it makes you uneasy then choosing a debt settlement may be the answer for you. Remember too that a professional debt negotiation company knows the appropriate steps to take and will usually get a better deal than a consumer because they have typically already established relationships with the credit card companies as well as many different various creditors.
 
GET THE FACTS
 
OK, so now that you know and understand whether or not you can settle your own debt, there is another important determining factor for you to consider before deciding to do it on your own or not. Before you decide, make sure you understand more how a good debt settlement company operates and how much they will charge you. You may be surprised to learn that the new FTC laws are on your side and the fees are probably much lower than you may think. Lets move on to part 7 of our 10 part debt settlement guide to learn about fees that debt settlement companies can charge for the debt elimination process. Click here to get started today!
 
Go to
 
Part 7 - Understanding debt settlement fees.
 
10 part debt guide

Part 1 - New FTC Laws
Part 2 -
Does debt settlement work
Part 3 -
Choosing a debt relief program
Part 4 - Debt Settlement or Debt Consolidation
Part 7Understanding debt settlement fees
Part 8 -
Debt settlement and your taxes
Part 9 - Can I be sued
Part 10
Debt Help - Get Started today!
 
Need more help?
 Here are lists to the best debt relief companies and best credit repair service. Make sure to take a look and get yourself out of a sticky financial situation.
 

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