Get Out Of Debt 101 PLR Ebook With Audio

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Settling will only work if your account is seriously past due. Companies will only offer a good settlement option when they believe it's their last chance to recover their money. When they think that if they don't settle, they won't recover a penny of the money you owe. Usually, the best time to start negotiating a debt settlement is about 4 or 5 months after you sent your last payment. Remember that at about 6 months or less they will probably sell your account to a collection agency, so do not wait for more than 5 months. Once the account is sold to the collection agency, you will lose most of your leverage. You can still settle, but it's not the same, the sense of "urgency" that the credit card company had before is now lost.

Most settlements are for between 30 and 70% of the amount owed. It will depend on several factors, mostly on your negotiation skills and how long it has been since you sent your last payment. You may want to offer 20%, but expect your offer to be rejected. Your goal should be to settle for about 50% of your debt, but settling for 2/3rds can be a reasonable goal. Keep in mind that people who actually settle for 10-20% are the exception to the rule; very few people accomplish this.

Before you talk to them, make sure you have all the paperwork you need in front of you: -all copies of your statements, letters from your creditors, and a dedicated notepad where you can take notes of everything you discuss during your conversation. Remember to always write down the date and time of the call, the name of the person you talked to, their number or extension if they can provide it, and everything you talked about.

This is one of the most critical factors here: always, no matter what they say and how much they threaten you, ALWAYS be nice to them. Never, EVER use profane language or threats; it will only make you lose your battle. The key is to always be nice and treat them with respect. If you deviate from this even for a moment, you lose.

Make sure you get all offers in writing. Whatever you talk on the phone, if you don't get it in writing, is useless. Anytime they offer a deal you find acceptable, make sure you ask them to send it to you in writing.

Occasionally you may talk to somebody who might not be willing to negotiate, or who will treat you in a disrespectful way. In this case, you can either politely terminate the call, or ask to speak to a supervisor. But again, always be very polite and respectful, and never use profane language or threats.

Ask them to remove all late fees, finance charges and over the limit fees from your account. This alone will reduce your balance substantially. Do not demand, always ask politely. "You know, I would really like to pay you all that I owe, but I simply can't. I lost my job and have very limited income (or whatever your situation is). But if we can get the balance to be more manageable for me, I am willing to start sending you payments starting this week". If they see that you are sincere and willing to pay them, you have more chances that they will be willing to help you.

You will be talking (mostly) to trained professionals. They go through extensive training on how to collect money and how to ask the right questions to get the information they want. So never lie to them. Just be sincere, you want to pay but you don't have the means, but if they can help you by reducing the total balance you will be happy to pay them. This is the attitude that will help you.

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• Tags:2013 Ebooks With Audio Private Label Rights