Debt Settlement Letters - Securing a High Acceptance Rate
There comes a time in any debt elimination process where serious steps need to be taken to gain relief.
However, most people are not exactly sure how to go about getting a debt settlement when the time is right.
It can be a tedious process.
Crafting debt settlement letters correctly can help make sure that you have the highest acceptance rate.
Know What They Can Offer You are unlikely to have a high acceptance rate if you ask for more than a creditor can offer.
Most credit card companies have the authorization to close out your account for a payment of around 40% of the balance that you owe.
This only works with unsecured debt, however.
If you have collateral in a home or car, they will go through a normal foreclosure process.
You can then ask for a settlement for the remaining balance owed.
One of the biggest reasons for denying a request is the client asks for too much.
Find Qualified Help When it comes to debt settlement, there is a lot to be said about finding someone who can be on your side.
There is a lot of negotiation that goes back and forth in the process and having a person who knows what to write to get the highest acceptance rate can really make a difference.
What if My Account is Sold to a Third Party? If your account is sold to a third party, don't become too alarmed.
While it's true that these companies don't have near the restrictions as the original creditor, they also aren't tied to taking a certain amount in order to clear your account.
However, be aware that third parties that buy debt can use underhanded tactics to secure payment.
Don't believe anyone that claims that the police are coming or immediate legal action is occurring.
Keep a cool head and get everything in writing for your debt settlement letters.
Hold firm and you may be able to get a much better offer than you originally expected.
Take Reasonable Precautions Regardless of who you are dealing with to settle your debt, be sure that all agreements that have been made verbally are verified in writing.
Do not send any money until this has happened.
Also, do not give out your bank account numbers for automatic withdrawal.
Instead, offer to send a cashier's check after all paperwork has been received.
This will protect you and your privacy.
However, most people are not exactly sure how to go about getting a debt settlement when the time is right.
It can be a tedious process.
Crafting debt settlement letters correctly can help make sure that you have the highest acceptance rate.
Know What They Can Offer You are unlikely to have a high acceptance rate if you ask for more than a creditor can offer.
Most credit card companies have the authorization to close out your account for a payment of around 40% of the balance that you owe.
This only works with unsecured debt, however.
If you have collateral in a home or car, they will go through a normal foreclosure process.
You can then ask for a settlement for the remaining balance owed.
One of the biggest reasons for denying a request is the client asks for too much.
Find Qualified Help When it comes to debt settlement, there is a lot to be said about finding someone who can be on your side.
There is a lot of negotiation that goes back and forth in the process and having a person who knows what to write to get the highest acceptance rate can really make a difference.
What if My Account is Sold to a Third Party? If your account is sold to a third party, don't become too alarmed.
While it's true that these companies don't have near the restrictions as the original creditor, they also aren't tied to taking a certain amount in order to clear your account.
However, be aware that third parties that buy debt can use underhanded tactics to secure payment.
Don't believe anyone that claims that the police are coming or immediate legal action is occurring.
Keep a cool head and get everything in writing for your debt settlement letters.
Hold firm and you may be able to get a much better offer than you originally expected.
Take Reasonable Precautions Regardless of who you are dealing with to settle your debt, be sure that all agreements that have been made verbally are verified in writing.
Do not send any money until this has happened.
Also, do not give out your bank account numbers for automatic withdrawal.
Instead, offer to send a cashier's check after all paperwork has been received.
This will protect you and your privacy.
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