Debt settlement tips, learn a proven diy debt settlement process of eliminating your outstanding debts. Using a diy debt settlement letter you can reduce your total debt amount 40% to 60% during this process!
You definitely need some debt elimination tips if you are living under a load of crushing debts. It can be frustrating to get phone calls from harassing collection agencies and tough to get new bills before you've paid last month's bills. The best tip you'll ever get for settling your debts is to do it yourself.
You don't need a negotiation or debt elimination company. DIY debt settlement is possible if you simply learn your rights and the right way to go about settling those debts. To help you accomplish this on your own, here is a look at more debt settlement tips that can help.
Tip #1 - List All Debts and Amounts
One excellent debt for diy debt settlement is to start by listing all your debts and the amounts of each debt that you have. If you are not sure what debts you have, you'll want to order your credit report so you have a list of all the debts you owe. Remember that you going to want to focus on delinquent accounts first.
Tip #2 - Figure Out What You Can Pay
Another of the important debt elimination tip is to figure out what you can pay towards settling your debts. Figure out your expenses each much, such as rent, meals, your mortgage, and other essentials. The money you have left is the amount you can afford to pay out on a monthly basis.
Tip #3 - Decide What You Can Pay Towards Each Account
Next, you need to decide what you can pay towards each account. The closer you are able to get to half the balance, the more likely the creditor is to accept the offer that you have. You probably will want to start by paying just one creditor off at a time. It's a good idea to choose the one with the highest interest rate to wipe out first.
Tip #4 - Contact Creditors with a Debt Settlement Letter
When it comes to DIY debt settlement, another thing you must do for debt elimination is to contact your creditors with a debt settlement letter. Let the creditors know about you current financial situation and let them know you want to work to pay these debts.
Lay out the offer you have to them, making sure it is reasonable. You may want to include the fact that you are doing this with all creditors and you'll pay the ones that accept first.
Tip #5 - Get Everything in Writing
If in the diy debt settlement process the creditor agrees to your proposition in the debt settlement letter, make sure that you still get everything in writing. Until you receive the agreement from them accepting the amount that you have proposed, do not pay anything.
Don't accept what creditors say over the phone either. You need to make sure you get it in writing first, which is one of the most important debt settlement tips you need to follow.
Tip #6 - Keep Copies of Acceptance Letters
Last, make sure that you keep copies of acceptance letters. When you receive an acceptance letter, send in the amount agreed upon and request a receipt that shows you have paid your debt in full.
These letters are important because you may need to show them to the credit reporting agencies to get those debts off your credit report.
With these debt settlement tips, you can settle your own debts. You'll save a lot of money, since you won't be paying someone else to do this for you. If you are buried in debt, don't wait for someone else to help you - get involved in diy debt settlement right away.
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