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I need some guidance on starting debt settlement n

Date: Mon, 04/11/2011 - 19:37

Submitted by sbartell7
on Mon, 04/11/2011 - 19:37

Posts: 14 Credits: [Donate]

Total Replies: 6


I need some guidance on starting debt settlement negotiations with creditors, on my own. We were with Total Debt Services for three years, settling close to $85,000 of debt, and they were wonderful. The recent changes to debt settlement firm laws caused TDS to close their services, and they have sub-let us to EFA Processing. This place is horrible, and we no longer have control over our money. I am in the process of closing our special purpose account, and getting into finishing this off ourselves.
What I have questions about are what avenue to take first. We have six accounts left, and I only know where a few of them are currently held at. Do I contact the third-party collectors, or can I contact the original credit card companies to propose settlements? I see contact numbers all over these forums for credit card company's settlement divisions, can I simply call them, or should I find addresses and go the written route? I am just starting this, and am wondering the best route to take. Thanks in advance for any insight.


Quote:

It is better to go for the written route.


Nelly?? Have you ever had an account in collections???

No collection agency will negotiate in writing....they will only negotiate over the phone. It takes too much time and manpower to write letters...plus mailing time. NO collector is going to want their inventory clogged up with these types of accounts.

Once you come to an agreement, they will mail or fax a settlement agreement to you. If they refuse, then you dont pay.


lrhall41

Submitted by SOAPLADY on Mon, 04/11/2011 - 21:08

( Posts: 17315 | Credits: )


sbartell7, once you find the address of the collection agencies, you can send a settlement letter to them. If the collection agency does not respond to it, then you can make a better settlement offer to them. If they accept it, then you can sign a written settlement agreement with them. This way, the collection agency can't say that no agreement was made between you and them. Even if you negotiate over phone, then record the conversations in a tape. You should also avoid giving access to your savings accounts through phone.


lrhall41

Submitted by Good Nelly on Mon, 04/11/2011 - 21:26

( Posts: 2846 | Credits: )


I would suggest contacting the original creditors to learn the status of your accounts. You can learn who still owns the debt and which ones have been sold. Once you get that information you can begin negotiations. Negotiations are 99.9% over the phone with a settlement letter being mailed/faxed when agreed on.


lrhall41

Submitted by aubrey on Tue, 04/12/2011 - 07:00

( Posts: 1203 | Credits: )