Hopefully, you have read our prior blog discussing the first few hazards you will want to avoid when negotiating a debt settlement. Below are a few more factors to consider:
Paying More Than You Should
Unsecured creditors or the collectors hired to recover unsecured debts are typically willing to settle for a low percentage of what is owed to them. Thus, it is important to start with a low settlement offer and to be prepared to explain to the creditor why you cannot afford to pay more. Our attorneys are experienced in negotiating with collectors for minimal amounts.
Failing To Keep Records
It is important to take notes during all discussions with your creditors. It is common for creditors and collectors to give conflicting information, so having detailed notes can be extremely beneficial. Make sure you write down who you talked to, the date and time of the conversation, as well as what was discussed.
There are numerous debt settlement and debt consolidation companies that are scams. They charge a large monthly fee without actually providing the consumer with any real services.
If you cannot afford to make the payment on the settled debt amount, you should consider filing a personal bankruptcy. It does not make sense to pay hundreds or thousands of dollars to settle a debt if you are going to end up filing a Chapter 7 or Chapter 13 anyway.
Not Getting Legal Help
The Fitzgerald Campbell Debtor Protection/Settlement Plan is like no other. No other plan offers the protection of experienced, knowledgeable, and determined consumer protection lawyers. No other plan allows you to keep your own money in your own pocket. No other plan allows you to make changes as needed. No other plan places a “wall” between you and your creditors so they cannot contact you, PERIOD. No other plan compels collectors to prove up what they claim. This plan is one of the reasons Fitzgerald Campbell is California’s premier debtor protection law firm. Let us help you. Contact us today by calling (844) 431-3851 for a consultation.