Debt Settlement Negotiation Tips ? 3 Tips To ... - Business Negotiation

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Negotiating a debt settlement deal may sound to be easy but in reality there are several hindrances to be crossed. It requires, fulfilling the conditions of settlement, finding a legitimate debt relief company and following the instructions of the negotiator. You miss one and you keep repaying the debt for years! This article tries to explain 3 simple tips to help you cut debt by 50%. Keeping reading and then you are left to chose the side of the pendulum that you like most.

3 Tips To Help You Cut Debt By 50%:

u First, make sure that you fulfill the requirements of negotiating a debt settlement deal. Ensure that the outstanding amount of loan is at least $ 10,000. This is the bare minimum benchmark which has been set by the law.
u Hire a non-profit debt relief or consolidation company. Make sure that the company is actually a non-profit organization.

Ask for 501(c)(3). If the company produces this internal revenue code, the company is non-profit. Also check out if the company is TASC certified or not. A reputable company will have TASC certification. It will charge with a very nominal monthly fee and help you to consolidate all your outstanding loans in one place. This helps in minimizing the cost of settlement and expedites the process of debt elimination.
u Finally when the negotiator from the company you hired for debt elimination asks you to stop paying to the creditor, do so. This will help the negotiator to prove that you are in a financial trouble. The creditor will wait for 3-4 months and then sell off the debt to a collection agency. The collection agency will give only 20-30 cents to the creditor for every single dollar it collects from you. The negotiator will contact the creditor and offer a better deal of 30-50 cents per dollar. This offer will be based of elimination of the over-limit charges, service tax, late-fee and elimination of the actual debt amount by a certain amount. The creditor will find this to be a better deal because it will mean 100% ROI for the collection agency it hires and will therefore eliminate the debt that you have by at least 50%. Depending on the negotiation skills of the negotiator, you may be lucky enough to get up to 70% elimination.

If you are negotiating a debt settlement deal by following the above mentioned tips, you can surely enjoy at least 50% debt elimination.

Source: http://business-negotiation.blogspot.com/2012/08/debt-settlement-negotiation-tips-3-tips.html

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