How To Negotiate Credit Card Debt Settlement Without Hurting Your Credit Score
Working with a debt relief agency to negotiate credit card debt settlement can be intimidating for uneducated consumers.
Most credit card companies are simply unwilling to negotiate directly with the consumer to achieve a more favorable and affordable repayment plan. This is unfortunate, but this is also where a settlement agent can become your best ally.
Hector Milla Editor of the "Credit Card Debt Consolidation" website -- http://www.CreditCardDebtConsolidationusa.com -- pointed out;
“…If you are considering negotiating for settlement or repayment, then you are probably afraid that your credit score will suffer as a result of any agreement you might make. This is an understandable assumption and one that can be reality if the negotiations are not handled correctly…”
What a settlement professional will do is to contact the credit card companies on your behalf and tell them that they are working for you. They will ask for a settlement amount for your accounts and then put together an offer for the company. As part of the offer, most likely they will ask that the bank or creditor mark your account as paid in full and remove any bad marks from your credit report.
In most cases, the companies will be willing to do these things for you. Why? Because they need to recover at least some portion of your debt. If they settle with you, their insurance may cover the difference. If you file bankruptcy as an alternative, they receive nothing in many cases. So, in exchange for receiving some payment percentage, they are more than happy to meet your requests.
If you are considering trying to negotiate on your own with your creditors, there are sometimes companies that will work directly with their customers. You will want to talk to a settlement officer, and not just a customer service agent. A customer service agent will not be able to help you with what you need, and they will not necessarily want to direct you to the correct department. Do not be surprised or disheartened if you are told no when you first call.
“…Contact a debt settlement agency, and ask them if they have experience working with any of your specific creditors. Ask them to explain to you how they go about negotiating with creditors to achieve a successful settlement package for clients. In most cases, they will be happy to explain their process to you. You should probably contact several different consumer debt management companies in order to determine which is the best match for you…” H. Milla added.
Further Information By Visiting; http://www.CreditCardDebtConsolidationusa.com
Most credit card companies are simply unwilling to negotiate directly with the consumer to achieve a more favorable and affordable repayment plan. This is unfortunate, but this is also where a settlement agent can become your best ally.
Hector Milla Editor of the "Credit Card Debt Consolidation" website -- http://www.CreditCardDebtConsolidationusa.com -- pointed out;
“…If you are considering negotiating for settlement or repayment, then you are probably afraid that your credit score will suffer as a result of any agreement you might make. This is an understandable assumption and one that can be reality if the negotiations are not handled correctly…”
What a settlement professional will do is to contact the credit card companies on your behalf and tell them that they are working for you. They will ask for a settlement amount for your accounts and then put together an offer for the company. As part of the offer, most likely they will ask that the bank or creditor mark your account as paid in full and remove any bad marks from your credit report.
In most cases, the companies will be willing to do these things for you. Why? Because they need to recover at least some portion of your debt. If they settle with you, their insurance may cover the difference. If you file bankruptcy as an alternative, they receive nothing in many cases. So, in exchange for receiving some payment percentage, they are more than happy to meet your requests.
If you are considering trying to negotiate on your own with your creditors, there are sometimes companies that will work directly with their customers. You will want to talk to a settlement officer, and not just a customer service agent. A customer service agent will not be able to help you with what you need, and they will not necessarily want to direct you to the correct department. Do not be surprised or disheartened if you are told no when you first call.
“…Contact a debt settlement agency, and ask them if they have experience working with any of your specific creditors. Ask them to explain to you how they go about negotiating with creditors to achieve a successful settlement package for clients. In most cases, they will be happy to explain their process to you. You should probably contact several different consumer debt management companies in order to determine which is the best match for you…” H. Milla added.
Further Information By Visiting; http://www.CreditCardDebtConsolidationusa.com