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.

1 Answers

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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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