A DIY Debt Settlement Plan That Really Works!

Many folks who are in debt have tried to fulfill a diy debt settlement on their own. It can be accomplished if you know how to do it properly. You do need to fine tune your patience a little bit. And it pays if you are prepared and have enough presence of mind to understand exactly what you are proposing. But it can certainly be done. (continued below)

The first thing needing to be done is to look at each lending institution's policy. It goes w/o saying that you need to attempt to settle with each lending company you have. So you have to be willing to look at each policy independently of the others.  

When you are ready to call the lender, here are some things to have available:

1. Your most recent statement
2. All letters and any communication from the lending company
3. A letter stating that you are willing to pay only a specified amount of the amt. you owe which includes the actual dates of your payments. Make sure that you specify that you are willing to pay the amounts, but not the surcharges, late dues, hidden charges and other service charges
4. The name of the individual who can handle your account speedily (someone who knows your financial details) and...
5. A notepad for taking down notes during your negotiations. You need to listen carefully to their possible counter-offer as well

The first two points are obvious. You need these to negotiate any diy debt settlement with a lending company. And your letter stating what you are willing to pay should be in front of you when you make the call. It may also be favorable to send a signed copy to the person in charge 4 to 5 days before you make your call. Send it regular mail, not email. 

The fourth point is important since you will more than likely be forwarded to any company representative. Not everyone at the lender is specifically trained to handle these types of calls and to accept payments, so you want to make sure you talk to the person who can discuss a settlement with you. You certainly would not want to repeat your arguments over and over different people as you get passed around. So if you ask for the manager or the financial officer by name, you will get better results.

Also...state very clearly at the beginning that you are calling about a settlement so you can avoid any possible confusion. If the person on the other end of the line refuses to transfer you to someone who will accept your settlement offer or at least talk to you about it, it would be best to terminate the call. You can always call back later. 

Stick to what you have written in the formal letter during the entire negotiation period. If the person on the other end of the line is unwilling to negotiate, ask them for some time to reconsider. You should also ask them for their alternative settlement option, and to please send these via mail. Sooner or later, many times the lending company will send you a better option. The waiting game does pay off at times. 

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