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Tips for Writing a Professional Debt Negotiation Letter
By Tl Kleban
When it comes to the task of debt negotiation and settlement, you are faced with two options, both of which will require you to do some work. Some people choose to take care of business themselves and negotiate with their creditors one on one. Others take the easier route, which is to hire a debt negotiation service to help you straighten everything out and settle.
If you're one of those brave souls choosing to negotiate your debt on your own, the first task you'll need is to learn how to write a debt negotiation letter. Convincing creditors to settle at a lower amount of debt than you owe is quite the challenge, however done the right way, it can be done.
Before you start writing and sending out letters, carefully go over all of the pros and cons of self debt negotiation. If any of it seems like it may be a little too much for you, don't hesitate to contact a lawyer of a debt settlement company. They will be more than happy to help you with any questions you have. Here are a few pieces of advice on how to write a legally binding debt negotiation letter:
- Get to know the terms and conditions of your debt. This includes all of the fees, surcharges, taxes, and interest rates that apply.
- Put together some numbers of the total amount you owe, including all fees and taxes. Knowing what you owe and how much you have helps you have a better understanding of what you can ask for with your creditors. They will be asking for about three quarters of the balance, not the full amount so be sure to have at least that much. If you offer to pay too little or pay in low increments, most creditors will not take your letter as serious as you like.
- You want your settlement request in writing. Make your settlement request in writing. If there is any way you can, hire a lawyer or debt negotiation counselor to check over your letter for any inconsistencies or unnecessary items.
- The first one you write needs to be relatively low but also reasonable. If the creditor denies this first request, you can always raise your settlement request up enough without putting yourself in further financial duress.
- As you are writing out your letter, don't threaten anyone in it or suggest that you are going to simply file bankruptcy if they don't work with you. These tactics will only make things more difficult for you and less likely any creditor will work with you.
- Ok, the creditor has approved your request, now you need to show them that you are acting on good faith. Make all of your payments in full and on time. Be sure to get a written confirmation of the receipt of payment. Talk to a debt counselor to see what your other options are if the creditor denied your request or will only meet you halfway.
- Keep a record of all the correspondence you have with your creditors. Promises and agreements made over the phone are difficult to verify if something falls through the cracks. A paper trail, in this case, is good thing since it provides documentation of all your work. It also helps you to find important information more quickly if a question or problem arises.
- Any agreements which were made should be followed up on to ensure they all have been completed. An example of this would be if one of your creditors agrees to clear or partially clear your debt, check that the clearance appears on your credit report within the following few months.
The Credit Exchange Corporation offers financial services such as Financial Analysis, credit card counseling and Debt Settlement through an affiliate network of debt consolidation companies and debt management companies. Visit us at www.thecreditexchange.com
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