debt settlement question
I have 2 debts that I would like to do a DIY settlement with. One is Beneficial for 10,356.82 and the other is HSBC Direct Merchants for approx 1,364.00. I crafted the letters from the samples you provide in the site and have already heard back from HSBC that they would like to speak with me concerning my correspondence. I am about 40 days past due right now. I am going with 400.00 as a settlement offer for HSBC and 2,100 as a settlement offer to Beneficial. I just received the letter from DM so I am going to speak with them, but how do I handle the phone call, as what kind of tone do I take? And also is Beneficial hard to deal with or should I wait a little longer to see what they do?
Thank you.
You should always be polite when you are talking with them. If they talk rudely with you, stay calm. It is better to record your telephonic conversation in a tape. This way, they can alter the terms and conditions of the settlement agreement later on. As far as Beneficial is concerned, you can wait a little longer. If they don't respond, then contact their customer representative or send another settlement letter. This time you may increase the settlement amount a little bit. Normally, creditors don't agree to settlement offer if the settlement amount is less than 40%-60% of the total debt amount.
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Good Nelly
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