Can I Negotiate My Own Debt Settlement?

Can I Negotiate My Own Debt Settlement?

Most people who need to consider debt settlement are cash crunched. It happens. Often through no fault of your own. But when you find yourself in this situation, you might want to look for areas in your life where you can cut costs by doing things for yourself, like settling debts with credit card companies on your own rather than working with a debt settlement company. It is certainly something you can do. It is also something that can be endlessly time consuming and wildly frustrating for many consumers.

What is Debt Settlement?

The short answer is that debt settlement is a process by which consumers negotiate with creditors, mainly credit card companies, to settle their debts for an amount other than the full amount they owe on the bill.

This negotiation may be for a single lump sum payment to settle the debt. However, some companies will allow consumers to settle for lower monthly payments in order to clear the debt. If you go this route, make sure you keep up with your end of the bargain or they could demand the full amount if you fall behind on the negotiated payments.

Should You Settle Your Own Debt?

For most consumers, the choice comes down to weighing the pros and cons of time vs. costs of using a debt settlement company rather than doing it on your own. That is a question only you can answer.

Many consumers are skeptical of debt settlement companies, which is why it’s important to choose carefully if you decide to work with a debt settlement company rather than working to resolve your own debt problems by negotiating settlements.

Tips for Negotiating Debt Settlement

There are some tips to follow that will help you as you negotiate debt settlements with credit card companies.

• First, decide if debt settlement is the right choice for your situation. Century offers a free assessment to help you decide.

• Determine how much you can pay toward your current debts given your financial situation.

• Call creditors to begin the debt settlement process. Be patient and be prepared. This will often take many calls and even more time.

• Adopt a “just the facts” approach and work to keep emotion out of the mix.

• Ask creditors to agree to the terms in writing before you make any payments to settle your debt.

• Work to settle debts you’re furthest behind on first. The closer you are to defaulting on the debt, the greater incentive creditors have to work with you.

While these tips may work for some companies, others may not be as willing to work with you.

Tips for Choosing a Debt Settlement Company

If you decide to work with a debt settlement company, you can save yourself a great deal of time in the debt settlement process by having them make the phone calls for you and negotiate on your behalf. However, you need to remember that not all debt settlement companies are created equal. These are things you need to look for when choosing:

• Work with companies that are certified and experienced, who also have high customer satisfaction ratings.

• Look for companies that use transparent billing practices that do not include hidden or mysterious fees.

• Select companies that offer customized solutions for settling debt rather than taking a one-size-fits-all approach.

When you find a company that offers all these things, it is time to act to settle your debts before it does too much damage to your credit score. While you may experience a slight dip, it will be far better than defaulting on multiple fronts.

Century Can Help

Century Support Services is a debt settlement company that has 17+ years of experience helping clients, like you, find relief from their debts by negotiating with creditors on your behalf. We have a 94 percent customer satisfaction rating after helping some 250,000 customers settle nearly $1.3 billion in debt. Contact Century today for a free assessment or to get started.

To get started, you’ll receive our free assessment and our Certified Debt Specialists will create a personalized program plan for you.

To learn more about the debt settlement process or if you have any general questions relating to how long does debt settlement take or how long will it take to recover from debt settlement, we’re happy to answer any questions.
Contact us today!