Do it Yourself Debt Settlement & Credit Report Negotiation
Did you know that you can resolve your debts yourself without compensating a third party debt settlement company? Are you aware that you can trim down your debts yourself by considerable margins? You can even formulate payment plans at 0% interest rate and set up monthly affordable payments. All these things can be accomplished if you consider speaking to your creditors and working out a solution path for yourself.
Many debt burdened people are reluctant to approach debt settlement companies to settle their debts and credit score. For good reason. With the goal of reducing debt, those already saddled with debt may prefer to do it on their own to save money instead of paying out money to another entity for settling their debts. Below are few steps to do it properly.
Instructions
Collect all of your financial credentials.
The records you need are:
- the amount that you owe to each creditor,
- the number of months you are behind in your payments,
- your account numbers,
- phone numbers of each creditor,
- your monthly income and expenses.
- Get your free annual credit report from any one of the companies who provide it.
Frankly explain your financial condition to your creditors. Explain to them the reasons why you are unable to pay back the money you owe. One reason might be a job loss or an unexpected medical expense. Let your creditors know the fact that you are incapable of paying back the debt if it is not reduced.
Seek a free consultation from an attorney. Contact several bankruptcy law firms in your area until you find one that provides free telephonic counseling. Tell them your situation and find out the best way to proceed to become debt free. Also, if you plan to declare bankruptcy, make sure to ask them the entire time span of a bankruptcy.
Let your creditors know that you are thinking of filing bankruptcy. If you file bankruptcy then your creditors might run the risk of not getting a single penny from you. Usually, in such a situation creditors agree to negotiate a settlement. However, if the customer support associates do not listen to you, talk to the higher authority.
Building Business Credit is always a good option! You don’t have to have perfect credit and you can do it quickly and easily. You don’t need a college degree to have a business, but the rewards are many!
Do you have minor blemishes on your credit report and want them fixed without settling or filing bankruptcy? Contact a legal credit repair company today.
