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Last edited by vincentkallis on Fri Oct 07, 2005 1:53 am

I have been reading the forums here for a last few days and I find them to be very informative.

Can we have a discussion on the tips and tricks on how to go for debt settlement with creditors , how we should negotiate and what we should or should not do,

any trick which will help us / any tip that we should follow ?

VK

Posted: Fri Sep 30, 2005 11:52 am Subject:

Hi Vincentkallis

Welcome to the forums. Do you mind telling the total amount of your debt? If it is not a problem for you, you can opt for a consolidation program as it has much better results than the settlement programs.

debt settlement program should be considered only when you are not able to make the monthly payments set in the consolidation program. Besides, this program should be considered as a last resort before filing bankruptcy. Settlement programs stay on the credit report as a negative remark and will lower your scores.

If you don't have any options other than choosing the settlement program, try to negotiate with your creditors that your accounts are shown as 'paid in full' or 'paid as agreed' in your credit report. After taking the said program, the mentioned status will help you in maintaining your true credit worthiness.

For a complete idea on the settlement program, please go through the page given below.

http://www.debtconsolidationcare.com/debt-settlement.html

Regards
Roxette

http://www.debtconsolidationcare.com/debt-settlement.html
i read the page and that helped me understand a lot more about the debt settlement , thanks roxxette

Roxxette currently i am in a debt consolidation program and not being able to pay even the monthly consolidated amount, now what should i do ?

VK

Posted: Fri Oct 07, 2005 10:34 am Subject:

VK,

Welcome back. Smile

Have a discussion with your debt consultant to alter your payment plan. You might be shifted to a plan which will offer the lowest monthly payments.

Though this shift might solve your financial problems presently, but always remember that the more time you take to clear your debt, some extra amount of money as in the form of interests could have been saved if the tenure of the program could have been shorter.

I feel that you should stress on some budgeting techniques to solve most of your financial problems. To begin with, you can cut down all the wasteful expenses that are unnecessary during this time. You can reduce the monthly expenses in your eatables and clothing. If possible, you can walk down to your office also so that you can save some gas. All these small savings from time to time can leap up to a good contribution towards your debt.

If you have any problems in fixing your monthly budget, ask your consultant to set up a plan for you. He will be helping you in achieving a debt free life soon.

Regards
Roxette

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