Negotiating a Debt Settlement - DIY Debt Settlement Option
Wondering about DIY debt settlement options? Looking about negotiating a debt settlement by yourself? Well, that is not very difficult.
You need to follow some specific things and you can accomplish what you are targeting for!
This is to be done to prove that you are in monetary trouble.
The lender will then wait for 90-120 days and then sell off the debt to a collection agency for 20-30 cents on the dollar.
You need to keep a track of this deal and then contact the lender directly with a new offer of 30-50 cents on the dollar.
You need to threaten the lender that you will file for bankruptcy in case the lender declines the deal.
The lender will never entertain bankruptcy because if it does, the lender will lose all the money.
The lender will the agree to the deal.
The new deal will mean 100% ROI for the collection agency.
The lender will then eliminate at least 50% of the debt.
70% of the debt can be eliminated but that will depend on your negotiation power! Once the lender eliminates the debt by at least 50%, you need to repay the remaining amount of the money to the lender in lump sum! This is how DIY debt settlement option works!
You need to follow some specific things and you can accomplish what you are targeting for!
- First, remember that you need to have an overall debt of $10,000.
This is because of the fact that the amount has been predefined by the Federal law.
If your loan amount is less than that, you cannot opt for debt settlement. - The next thing that you need to keep in mind is that you must consolidate the debt in one place.
This is needed because of the fact that if the loan is scattered, there are chances that the amount will fall short of $10,000 and the cost and time of settlement cannot be minimized.
- The next thing that you need to remember is that since you are looking for DIY debt settlement, you will be facing the lender.
The lender will have better knowledge of the banking system compared to you and it will also have better negotiation powers.
Hence, you need to gather knowledge about the banking system and develop your negotiation powers.
If you don't, the lender will easily make you agree for a deal which is not the best.
The maximum that you can earn will be 30% debt elimination.
You need to avoid this and get a better deal of at least 50%.
This is to be done to prove that you are in monetary trouble.
The lender will then wait for 90-120 days and then sell off the debt to a collection agency for 20-30 cents on the dollar.
You need to keep a track of this deal and then contact the lender directly with a new offer of 30-50 cents on the dollar.
You need to threaten the lender that you will file for bankruptcy in case the lender declines the deal.
The lender will never entertain bankruptcy because if it does, the lender will lose all the money.
The lender will the agree to the deal.
The new deal will mean 100% ROI for the collection agency.
The lender will then eliminate at least 50% of the debt.
70% of the debt can be eliminated but that will depend on your negotiation power! Once the lender eliminates the debt by at least 50%, you need to repay the remaining amount of the money to the lender in lump sum! This is how DIY debt settlement option works!
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