You can start off settling
your debts by sending them a letter detailing your financial hardship
and how much you can afford to pay back at this
moment.
Before you start negotiating
with your creditors, it's important that you analyze your financial
situation and decide how much you can pay on an account. This will help
you negotiate and convince your creditors to agree for settlement.
My mom had dealt with
Citibank. Citibank assigned her debt to a collection agency - Protocol
Recovery Service, Inc. They gave her 2 settlement options, which allowed
her to pay off debt between 2 and 10 months. Mom opted for the second
option since her financial situation was not good at that time. She
didn't negotiate. I guess she could have received a better deal if she
negotiated hard. Anyway, after 10 months, she finally settled her debts
and was debt free.
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