Debt Negotiation – Putting It In A Letter

Many people are dealing with overwhelming debts and weighing their options for relief. While debt negotiations can be a great tool for getting out of debt,most people go about the process the wrong way. If you don’t do your research and prepare ahead of time you may end up losing the negotiation and not receiving the help you need.

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Preparation Is Key

Debt negotiation is just like any other type of negotiation and requires you to put your best foot forward right out of the gate if you are to have a chance at winning. Creditors hold all of the power of approval and they are not required to negotiate with you in any way,which means any attempt to do so is a favor on their part. It is important to remember that your creditor has a lot at stake in a negotiation and should be treated as such.

Before entering into a debt negotiation you need to first evaluate your financial situation. Find out how much you can afford to pay your creditor each month and how long it may take you to pay off your debt. Make sure you evaluate your budget for debt payments based on your current financial hardship or worse case scenario. The worst thing you can do is negotiate a lower payment only to find yourself in default again.

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Put It In A Letter

Most people never consider writing their creditor a debt negotiation letter. While making contact with your lender over the phone is an effective negotiation technique,it should follow a written letter. The purpose of a written letter is to demonstrate organization and good faith efforts in resolving your debt. A letter is also a way to document your attempt to claim responsibility for and efforts towards resolution. A debt negotiation letter signals to your creditor that you are serious about your debts and have intent to pay them.

There are some important aspects to writing a debt negotiation letter. First,include an explanation that outlines your financial situation,including why you may be suffering a financial hardship. You don’t need to get too personal,but it is a good idea to paint a picture for the creditor to see you with some sympathy. Also,include a written statement declaring your intent to repay your debts before you request their help. When asking for help with your debts give the creditor a few ideas or examples of how they can help such as lowering your interest rate or allowing a temporary suspension in payment. Finally,keep your respectful and never threaten your creditor or mention alternatives like bankruptcy.

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Debt Reduction Definition

Debt Reduction is simply the process of negotiating a lower dollar pay off on your credit card debt than what you currently owe. Why would a credit card company do that? Studies show that if you have had a credit card for over three years,and used it on a semi-regular basis,after three years you would have paid off everything you purchased. The rest is just interest and fees.

The below analogy could work on anyone. Let us suppose that you purchase the best BBQ grill on the market. You take out the brand new shiny gold or platinum card you received in the mail last week with a credit limit of $5,000 on it.

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The grill costs $5,000 which is exactly the credit limit on the card. However,you are smart,and decide you don’t want to be in credit card debt. Therefore,you agree to absolutely pay this debt off within a three year period.

You figure you’re going to send in monthly payments of $139.00 to pay off this credit card debt. ($139.00 x 36 months = $5,004.00). You have now paid back what you purchased,correct? Not exactly. Your monthly statement says that you still owe over $2,958.44 based on 22.9% interest. Therefore,if you continue to pay $139/month,it will still take you more than two more years to pay off this debt. That’s the power of interest rates!

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Where does the original $5,000 come from? The money isn’t sitting in a bank somewhere. It is created out of thin air by the credit card companies. They do this hundreds of times a day. Then they collect interest on this money.

Debt Reduction companies negotiate and settle interest on your debt,although they are able to negotiate principal as well. Is this something you could do on your own? Not really. Credit card companies could care less about you. They do not want you to pay off debt. They would prefer to keep you in “the debt trap”. You make the minimum monthly payment or just a little above that,and you end up like a hamster running in circles each month and getting nowhere.

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Why not talk to a professional debt reduction company,and find out how you can become debt free in three years or less. In most cases your debt reduction is about 40%-60% or more with a single phone call.

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