Things to remember while settling debt.

I am going to settle the debts on my own. What are the things which we should keep in mind while negotiating with the creditors?

3 Answers

Save enough money to repay the debts so that you don't need to step back while making the single monthly payments after the creditor settles your debts. Try and pay the maximum amount in order to make your creditor accept the deal. They're also looking for the opportunity to recuperate the maximum money from you.

Contact the creditor and inform that you want to settle the debt asap. Send a letter to the creditor informing the amount you can afford to pay. If the creditor accepts the offer, draw up a contract with the creditor. Pay the amount on the scheduled date and ask the creditor to update the account status as "Paid as Settled" or "Paid as Agreed" on your credit report.

If you want to settle your debts on your own, I hope the following link may help you in this regard:

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