Have you found yourself over your head in debt and wondered can I offer my creditors a debt settlement or a debt settlement plan? Well you most certainly can. You will want to polish up your negotiating skills and realize that debt negotiations can take some time. You may have to call your creditors multiple times in order to negotiate a debt settlement plan that works for you. Keep in mind that in the end it will all be worth it.

 

Before you get on the phone to contact your creditors you will need to devise a plan of action. First, get out all of your debts and take a close look at each one. How much do you owe on each debt, and what is the interest rate you are paying. You will most likely want to start with the bill that has the highest percentage interest and work your way down the list.

 

When contacting your creditors you will need to decide ahead of time what you would like the debt settlement on the account to be. If you have extra expendable income you may want to offer a onetime settlement. How this works, is you offer to the creditor a cash settlement less than what is owed on the account. If they agree make sure you get all of the terms you have agreed to in writing before you send them your money.

 

If you do not have any disposable funds you will have to negotiate for a different type of settlement. Many times you will be able to get creditors to agree to a lower interest rate or a reduced monthly payment. This will make your monthly bills more manageable and allow you to be working towards settling your debt quicker. Most creditors are willing to negotiate when you show a true desire to settle your accounts.
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Keep in mind that debt settlement is just the first step in the process of financial relief. You will also want to look really hard at the circumstances that got you into the debt to begin with. If you can discover the culprit, and work hard to control overspending, you will remove a great deal of stress from your life.