Debt Credit Card Settlements

Debt credit card settlements can be done by anyone who is willing to do the work.  This do-it-yourself way of doing it has some things that need clarification though.  For instance, you have to do some preparation before you negotiate with the lender.

To do debt credit card settlements, prepare before you make the call.  You have to have everything you need.  Have the communication you received from the lender offering to settle ready.  You also have to get these two things ready: the latest bill and the amount of monthly payment or a lump sum payment you are willing to make.

Here are the three things you need to prepare before you make the call:

• The communication you received from the lender offering to settle
• The latest copy of the bill
• The amount of monthly payment or the lump sum you are willing to pay

Do you have those three things ready?  Good, now put them in an envelope or a folder so anytime you need them, the papers will be there ready for you to use.  This first call may not end in debt credit card settlements so you may have to make another call or they may call you back.  While you're at this preparation stage, get a notebook where you will record the time and the name of the person you were talking to.

If you have been in arrears with your payment, don't expect the person in the other line to be nice and polite.  But don't lose your cool.  Let the collector know right from the start you are willing to make a payment and make a settlement.   So even though you know that the debt collector is good at getting the information about you, don't despair because that's the way they are trained.

Some collectors will not accept any settlement and will keep refusing to cut a deal with you.  There are three ways to get around this problem.  First, ask to talk to the one in charge.  This person is usually more receptive to accepting debt credit card settlements with a reasonable monthly payment.

The second option, if you cannot talk to the supervisor is to end the call.  Do this as politely as possible.  Remember that calls are monitored and recorded.  Then write down in your notebook what happened to that call and the time you ended the call.

The last option is to write a letter to the manager or supervisor.  These people are in the position to agree to a reasonable payment or settlement.  Take a deep breath and explain very politely that you will not be able to pay the whole balance but that before they transfer this debt to a debt collector, you want to settle with them directly.

Don't be scared stiff in talking to them.  At first, the manager will not agree right away although he knows that settling with you directly rather than handing the debt to the debt collector is so much better for them.  That is why after some back and forth calling, the manager might agree to whittle your debt by as much as 90% sometimes.

If you must write a letter, address it to the department manager or the president of the company.  Mention your plan to settle with them and say that that is all you can afford.  Mention the amount you will be willing to pay and when you will pay for it.  You may just be successful and become proficient at negotiating a debt credit card settlements.

By Roger Guzman, M.D. and Evelyn Guzman

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