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Debt Settlement Advice

December 16, 2012 by National Debt Relief

Woman with papers and calculator looking puzzledDebt settlement is ideal if you have a huge amount of debt. It is a debt reduction method that involves an agreement between the creditor and the debtor. The debtor pays a lump sum to the creditor and the debt is written off. Financial advisors suggest that it’s best to contact the creditors after you have enough money to pay your creditors. Below are tips to guide you when settling your debts;

Know If You Owe

Receiving a statement from your creditors does not necessarily mean that you have a debt. Ensure that you send a debt validation letter to your creditors to make sure that the debt belongs to you. The validation letter should include your signature and the sales receipt of your purchases. Make sure that you send the validation letter within one month after you have received your statement. If the creditors fail to prove that the debt is yours, they are required by law to stop contacting you concerning the debt.

Know If You Are Responsible

In some states, the law states that a creditor cannot ask you to pay back the money after a given period of time. Such debts are therefore referred to as zombie debts. Collection agencies buy these debts at a cheaper price from creditors and then send them to innocent customers. If you receive such a debt, first check with your state law to find out the length of time a creditor has to collect the debt. If you find out that it is indeed a zombie debt, send your creditors a letter to stop them from asking you to pay the debt. Be aware that you are not legally responsible for any zombie debts.

Know What Is In Your Credit Report

Use your credit report to find out the total amount of debt you owe. You can ask for a credit report through email or contacting one of the three credit reporting bureaus (Experian, Equifax, TransUnion). Review the accounts to make sure that the figures indicated on them are correct. If you detect any error, contact the creditors immediately and have them make the necessary corrections. Check your credit reports to see if there are any accounts that have been sold to a collection agency. You should be fully aware of the situation on each account so you can better negotiate.

Know How Much You Owe

Gather all your statements and calculate the total amount of debt you have. Compare your figure to that which has been reported on your credit report. If what has been reported is wrong, contact the creditors and ask them to make corrections. The law says that you have a right to reject any incorrect bill. While the debt is still under investigation, pay the amount that you certain is correct. The creditor is prevented by law from reporting an incorrect amount to the credit bureaus until the corrections have been made.

Know How to Negotiate

If you are sure that the debt belongs to you, negotiate with your creditors by writing to them clearly stating how much you are willing to offer them. Make it clear that you want to settle the debt in full. The amount you offer should be less than what you can actually pay. This will give you room for more negotiation if you initial offer is rejected. If the creditor accepts your offer, make sure that it is written down so that there will not be conflicts in the future.

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National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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"I had a lot of credit card debt and a family member recommend..."

Easy National Debt Relief Caller: Lauren B Transcribed WE 1/24/2021 Lauren B: I do want to let you know the call may be recorded. Should what was it that originally led you to seek out National Debt Relief’s services? CAROL: Just a lot of credit card debt. Lauren B: And was there any certain reason you had chosen National Debt Relief over a different company? CAROL: A family member recommended them. Lauren B: Can you tell me about your interaction with the negotiator there? CAROL: It's been a while. Everything went smoothly. They were very helpful. They provided all the information that I needed. Lauren B: And how were they able to work with you on the payment plan? CAROL: That was great. It was what we needed. Lauren B: So how has working with National Debt Relief impacted your life so far? CAROL: It's been good. We're almost at the end. I think we're within a year now of our payment plan. Lauren B: So have you noticed any differences in your life since you started with them? CAROL: It's just a little less stress monthly. It's just one payment. Lauren B: So overall, what would you rate your experience on a scale of one to five stars? Five means you recommend to a friend and one means you're very dissatisfied. CAROL: 5. Lauren B: And would it be okay to post your comments as a review on our public website for National Debt Relief and help other consumers make good choices? CAROL: Sure. Lauren B: I have your email here of cdunphey@gmail.com. Is that right? CAROL: Yes.

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Carol Dunphey
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