How does debt settlement work

How does debt settlement work

In order for Debt Settlement to work, the collector must believe it is in their best interest to settle.
If you have never settled on a debt before, then it may come as a surprise to you that collectors are willing, and can even be eager to work out a settlement. At first glance, you only see the money involved — that you owe the creditor a certain amount of money (say $10,000) and that you can only pay them a small fraction of that (say $5,000). This makes it seem like a terrible situation, that the creditor is only going to get $5,000 and the customer is going to get away with ‘stealing’ money from them. The truth, however, is not always obvious. The fact is that many people don’t pay a dime of the debt they owe someone. Everything is relative, and it is much much better for the creditor to accept $5,000 than $0. With this concept in mind let’s move on to the mechanics of it all…
How would my creditor actually believe
that they may not get a dime out of me?
•    I don’t advocate lying to your creditors. I believe that once a debt is taken on, then it is your financial responsibility to pay it back according to the terms you agreed to. However, as we all know, life sometimes throws a wrench into your plans and you are not always able to pay back what you owe.
•    Remember how I said that everything is relative? Well relative to your mortgage, food, and electricity — paying your credit cards is relatively unimportant. If you do not have enough money to pay your mortgage (or rent), car payments, food, or electricity, then you SHOULD NOT BE PAYING YOUR CREDIT CARD BILLS. Now, if you are one of those people, and you stop paying your bills for several months, you will then have the leverage you need to settle your debt. The creditor will be afraid that they will never see another penny of your money and they will be willing to talk with you.
•    The other thing that scares creditors is bankruptcy. If you are on the verge of filing bankruptcy, then you must investigate debt settlement as an option. You can wipe out your debt for a fraction of what you owe on it, in a fraction of the time, and still do themore responsible thing by dealing with those whom you owe debt to.
 
 Why you should never pay
full balance to a debt colletor!!!!
This may seem shocking to those of you who have paid a collector the full balance before, but I swear to you, this is the truth. I have consulted with debt settlement experts and let me tell you that they all say the same thing. If you have a $10,000 debt that you owe to a credit card company, and you stopped paying them 4 months ago and you start getting calls from ‘NCO Financial’ or any other number of collection companies, you should never pay them the balance they are asking for. See, the original creditor has already written you off as a loss. They sold your debt to a 3rd party company for a fraction of what you owed them (literally pennies on the dollar). The collection company that is calling harassing you actually bought your debt for $1250 and then they are calling you and demanding that you pay $10,000.
•    The collector is not the same as the original creditor in most cases.
•    They don’t need the full balance to make a profit off of you!
•    Obviously, you are the one with the real leverage in this conversation. Even if you only paid them $2,000, they end up with a $750 profit — just for making a few phone calls!
Okay that makes some sense now!
If this makes sense to you, and you need to do something about your debt, DO NOT try to take action on your own without any help. Herschel Bentley has compiled a great resource for people just like you to take care of their debts the right way the first time. Dealing with creditors and collection agencies can be one of the most frustrating processes in the world, but only if you don’t know exactly how to deal with them. Fortunately, Herschel simplified the process by talking with the field’s most prominent experts and recording these candid (almost scandalous) conversations.
Check out debteliminationadvisory.com to have instant access to the best kept secret in debt settlement!

How does debt settlement work

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