Debt settlements are one of the most effective debt relief tools one may use to help manage and settle debt. With the recent recession, many Americans have opted to make use of this service rather than declare bankruptcy. If done right, a debt settlement can help you reduce your total unsecured debt by more than 50%. The percentage of reduction varies; however, there are some things you can do to ensure that you get the most favorable debt settlement.
• Make sure you are working with a credible and legitimate debt settlement company. A lot of settlement companies have recently popped up, and not all of them will be able to provide you with the kind of service you really need. Some of these companies, unfortunately, are only looking out for themselves and if you get stuck with one of these companies, you may find yourself in even more worse trouble than you were before. One way to make sure of this is to check the accreditation of the institution. Check with The Association of Settlement Companies. The TASC can provide you a list of their accredited members through their website.
• Work with a company that has been in business for several years. Most established settlement companies already have a working relationship with creditors. These companies are more liable to get you a favorable settlement as compared to a company that is relatively new in the business.
The two items provided only apply if you decide to use the services of a professional employed by a debt settlement company. You have the option of negotiating with your creditors by yourself. If you do this, there are also some things you can do to get favorable results.
• Before starting negotiations, get as much information as you can. Consult your state attorney’s office and the National Consumer Law Center to know your rights as a consumer. Doing research and being informed are the first things you should do.
• Know your contracts inside out. Read the entire text, especially the fine print.
• Be fully aware of your financial circumstances.
• Negotiate with a person in a position of authority. Make sure that you talk to someone who has authority over your accounts rather than with a representative of your creditors.
• When negotiating, always keep your cool. As negotiations go, things can become frustrating. Losing your temper will only aggravate your situation and may even contribute to you losing your chances for a good settlement.
Once you have finalized the agreement with your creditors, get the agreement in writing. Make sure that the agreement is formalized.
If you are currently experiencing short term cash flow problems and are in need of quick cash then you will obviously want to get the best deal. I would strongly discourage you from going directly to a particular payday lender as you never really know if you are getting the best rate. Instead, the most efficient way to receive multiple quotes and get the best deal on your short term loan, is to utilize a multiple lender website that is affiliated with several payday lending companies. These websites will make the payday loan companies compete over your loan and therefore you are able to choose the one that was able to offer you the best deal. Going through a multiple lender website will save you time and money and they have consistently offered consumers the best market rate available. They are free to use and are by far the most convenient method to get quick cash.
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