What To.Do.With Old Paper Bill Statements That Have Been.Paid Debt Credit Card Settlements – A Formula For Success?

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Debt Credit Card Settlements – A Formula For Success?

Debt credit card settlements can be done by anyone willing to do the work. This DIY way of doing it, however, has a few things that need clarification. For example, you need to do some preparation before you negotiate with the lender.

To make debt credit cards, prepare all the things you need. Have the communication you received from the lender offering to settle ready. There are two other things you need: the most recent bill or statement you received and the amount of monthly payment or total payment you are willing to make.

As soon as you have those three things, put them in an envelope or folder so that whenever you need them, the papers will be there for you to use. This first call may not end up in credit card debt, so you may have to make another call or they may call you back. While you are in this preparatory stage, get a notebook where you will record the time and the name of the person you will be speaking with.

If you’re late on your payment, don’t expect the person on the other line to be nice and polite. But don’t lose your cool. Let the person know right from the start that you are willing to pay and compromise. So even though you know that the debt collector is able to get information about you, don’t despair, because that’s how he’s trained.

Some collectors will not accept any compromise and will continue to refuse to cut a deal with you. There are three ways to get around this problem. First, ask to speak to the person in charge. That person is usually more receptive to accepting credit card debt settlements with a reasonable monthly payment.

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

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 entire balance, but that before they turn this debt over to a debt collector, you want to settle with them directly.

Don’t be afraid to be rigid when talking to them. At first, the manager will not agree right away, even though he knows that settling with you directly rather than turning the debt over to the debt collector is much better for them. Therefore after some back and forth calling, the manager may agree to reduce your debt by up to 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’s all you can afford. Mention the amount you are willing to pay and when you will pay for it. You can only succeed and become skilled at negotiating credit card debt.

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