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How to convince a creditor for debt settlement

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I have heard about debt settlement that I can get rid of an account by paying less than what I’m supposed to pay. But, how can I convince the creditor that I cannot make the required payments? Do I have to show my financial documents?

You heard it right. Debt settlement will help you get rid of your debts by paying less than the total amount you owe. You can also take help from professional debt settlement companies or opt for DIY debt settlement to pay off your bills .

When you are approaching your creditor, you’ve to prove your financial hardship like any medical illness resulting in lack of work, medical bills, you or your partner’s job loss, reduced income, failed business, job relocation, death in the family, divorce, property damage, and so on.

Also, before offering debt settlement, you must check you income that is the amount of money you can afford to settle your debts.

Sub: #1 posted on Thu, 08/04/2016 - 04:00

Phil Bradford Phil Bradford

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Inform your creditors about your financial hardship and share a copy of your financial documents to prove your point. Make sure you send a debt settlement letter along with other papers.

Sub: #2 posted on Mon, 08/08/2016 - 04:12

paulcahill80 paulcahill80

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How are you going to come up with a lump sum for a settlement if you cannot make your monthly payments????

Debt settlement "may" reduce what you owe but it will trash your credit.

Sub: #3 posted on Mon, 08/08/2016 - 21:06

Moderators Cum Industry Expert
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