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HomeBlog Credit Card DebtFacing the Facts of Debt Negotiation
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Facing the Facts of Debt Negotiation

November 14, 2012 by National Debt Relief

negotiate debtDo you feel as if you were sitting in a covered wagon and your creditors were firing flaming arrows at you? Being seriously in debt can feel like this or even worse. You may be getting nasty phone calls from your credit card companies or even from debt collectors. Trust me when I say that once you fall into the clutches of a debt collector, your life is going to be miserable. Most debt collectors get paid on commission – that is they get a percentage of what they can collect. This means their only objective is to transfer money from your pocket to theirs by whatever means necessary.

If you’re six months behind

If you’ve been unable to make even the minimum payments on your credit cards for the past six months, you may be able to negotiate your debts. This is a strategy called debt settlement. The way it works is that you contact each of your creditors and offer to negotiate or settle your debts. At least initially you should offer to settle each debt for maybe 40% of what you owe. You will need to be a good salesperson in that you will need to sell your creditors on the idea that they will either settle with you or you will file for bankruptcy, in which case they would get nothing.

Unending harassment

You basically have to be a man or woman of steel to make this work because you will likely continue to get calls and harassing collection letters during the negotiation process. A creditor may even garnish your wages. And one disadvantage of debt settlement that is often overlooked is that you may have to pay income tax on what you saved through settlement. This is because your creditor could send a 100–C form to the IRS at the end of the year and you would be required to report that amount as income.

It’s a gamble

There’s nothing that says that your creditors must accept your debt settlement offers. You have to be a very good negotiator as some or maybe all of your creditors could refuse to negotiate with you. In this event, you will end up and were shaken when you started because of all those months when you are not making payments.

It will affect your credit rating

One of the biggest downsides of debt negotiation or debt settlement is that it will have a negative effect on your credit rating. This is because of all of those months that you were not making payments on your unsecured debts. It’s just not possible to skip those payments without it negatively impacting your credit score

Let the pros do it

If you don’t feel that you have nerves of steel or are not a skilled negotiator, you can let the pros do it. We have handled debt settlement for thousands of families and have helped them become debt free in 24 to 48 months.

The way we work is that we contact your creditors and do the debt negotiations for you. Because our debt counselors have excellent relationships with the credit card companies and because they are very skilled negotiators, they can usually get balances reduced by thousands of dollars. While we are negotiating with your creditors, you send us a payment each month, which we deposit in an FDIC-insured trust account.

When your creditors agree

Once your creditors agree to our settlement offers, this money is then used to pay off your debts. In turn, you will have an affordable payment plan that will help you become debt free.

Debt negotiation can be an excellent way to become debt free but it’s usually better when you take a hands-off approach and let us do it for you.

Do you qualify for debt consolidation?

National Debt Relief
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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Easy National Debt Relief Caller: April Transcribed WE 1/24/2021 April: Well calls may be recorded. And so with the National Debt Relief, give me a summary about your overall experience then with National Debt Relief. KELI: Honestly, it's been simple and easy. And there hasn't been a negative about it. April: Well, so how was the interaction with, I guess, the consultants who helped guide you through your program? KELI: They were helpful. They explained it to us so that we understood it. Any questions we had, they answered it. April: What point are you in the program at this point or have you completed it? KELI: We are, I think, a quarter all the way through it. April: So on a scale of one to five, where would you rate National Debt Relief, if five star says you'd recommend this to your friends, down to one star meaning you're very dissatisfied? KELI: I would recommend, definitely. April: Okay. So that’s officially a 5 star for you? KELI: Yes. I'm sorry. April: How would you summarize your overall experience at National Debt Relief? KELI: Just the fact that it was easy and everybody was helpful. April: I would like to also utilize your commentary then to help make a review for National Debt Relief. It will be on our public web page to help other consumers, would that be okay, with your permission? KELI: You're going to put it on there? Is that what you're saying? April: Yes. So what we do is we do reviews. And we only use a first name or we can make it anonymous. One of two options. And then out of courtesy, we also send a link to your email so you get to see or make adjustments as you need. So with that being said, is that something that you're okay with, we can make that review and we'll send you a link to it? KELI: That's fine. Can you make it anonymous though? I prefer not to have my name anywhere. April: Yes, ma'am. So the way I'll make it anonymous for you is just we’ll put a K, that’s the first letter of your first name. But with that email, I do have it as seaturtledreams@yahoo.com. KELI: Yes, ma'am.

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Keli Dickerson
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