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Seems like you have decided to take this on yourself in the place of hiring a debt relief company. Well, if you have the talents and abilities to rival those of the professionals especially in the areas of communication, negotiation and documentation, then go on right ahead.Not too long ago, a nurse with a little bit of groundwork in tax laws took on the IRS single-handedly then so can you in the case of debt relief.
Keep these points in mind when you are settling credit card debt on your own. These three tips will ensure that you are one step closer to successfully taking on those credit card companies.
You must ensure that your accounts are considerably delinquent
You might want to negotiate for lower principal amounts on your credit card bills as soon as you cannot pay the minimum monthly payment required or as soon as you feel that you cannot pay your debts due to other financial obligations. Keep in mind, however, that the debt relief process cannot be availed of until and unless your credit card accounts are significantly delinquent.
Just how delinquent? Well, delinquent credit card accounts are written off as an accounting procedure once these have reached 180-plus days in the ageing method. The write-off subsequently devalues the account so much so that third parties can purchase it for as little as 5 percent of its face value.
To prevent this from taking place, the credit card company will be eager to settle the debt through a negotiation process.If the creditors get half of what you owe, thats much better than the 5% they would’ve gotten from the third party collection agencies.
Maintain Detailed and Descriptive Documentation
The days of verbal agreements holding any value are long gone and especially when it comes to credit card debt settlement. After all, it will be your word against the word of the collection agents and you should know by now that nobody wins in such a case.
The other option is that you maintain excellent written records of all the matters related to the settlement and negotiation process with your creditors. Always send out letters with complete information to the proper addresses and addressees.After that, file the letters and other forms of communication in a binder that is easily accessible.
If you do have a conversation on the phone, record the details. Take note of the time and date, the persons you spoke to, their contact number and the general flow of the conversation.
Use Mail That Can Be Tracked
When you have reached a settlement, always send your payment through certified mail. Send the check together with a memo saying that said check is for full payment, if indeed it is, along with a copy of the agreed settlement.Now, you will have pretty good documentation.
Dont forget the specific strategies that you need to use to settle the debt by yourself.Remember the three tips here and you will do just fine in this process.
These are some specific steps that you can take. For more tips on how to fix a bad credit report you should read our articles about getting the best credit card debt relief help