Debt Negotiation FAQ – Who Receives A Copy Of My Debt Settlement Agree…

Debt Negotiation FAQ – Who Receives A Copy Of My Debt Settlement Agree…

There are many methods for people who need to make sure that they get some debt relief and one of those methods is debt settlement. Debt settlement requires you to negotiate your debt and make sure that you reach an agreement with your creditor. When you decide to go for debt settlement you will have to write a letter. The legal is truly a legal document that states the fact that you asked for debt settlement.

You first send this document to your creditor or your collector. This depends on the situation you are in, if you have been contacted by the collectors a lot and your case has been given to them for a while, you will need to send them the letter. however, if you haven’t and you are nevertheless paying your installments properly, the letter has to be sent to your creditor. This has to be done as soon as you decide to go for debt settlement and you should nevertheless continue to pay your installments each month. The reason for this is that you don’t want your creditor to sue you. The company you hire can help you with the letter but if you haven’t hired anyone however, you should know that everything is pretty easy: you can find samples of the letter on the internet or you can ask a lawyer how to proceed. It contains you name, address and the situation you are going by and why you have decided to go for this kind of debt relief. Then you should send it to your creditor, but also keep a copy of it. When the time of the negotiation comes, you and your creditor will have the letter and you will both sign it when you reach the agreement.

Make sure that at all event discussion you will have with your creditor and at all event you both agree needs to go on paper, otherwise it is useless. Just as the letter you send, you should make copies of any decisions you may take with the creditor regarding your financial situation. This is very important if you want to have a backup in case the creditor changes their mind.

leave your comment