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Debt Negotiation: Do it yourself
What is debt negotiation?
Debt negotiation is not all it sounds like. True your credit counselor will negotiate your debts down and you will make steps to reduce your bills. The story does not end here however, and there are many things involved in debt negotiation that are not all good. Learn the ways a debt negotiation company can end up costing you while not making your bills go away. Also find out how this process can be done all by yourself, and usually more effectively. Keep in mind there are better options out there available to you like debt settlement and bill consolidation loans. Learn the truth about all these options and especially debt negotiation before you get started.
Debt negotiation doesn’t end your bills
Credit counselors and companies that work with you to negotiate your debt do not tell you the whole story. First off that monthly payment you are making into a “trust” is not all going to your debt, in fact the first several payments you make will go right to your credit counselor. In addition an amount every month from your payment will be diverted right to them also, instead of to your creditors and bills. Also your debt negotiator will not notify your creditors and credit card companies that you are making your payments now to them, meaning your creditors are going to be looking for you for their money every month. This means harassing phone calls and damage to your credit history.
Can debt negotiators reduce my debt?
Yes the truth is these credit counselors will negotiate your debt down, however you are not getting the whole story. They will not work with your principle creditors, meaning they are not going to call your credit card companies. Instead they will wait until your creditors have given up on collecting from you and have sold your bills to a collection agency. Your debts will now be reduced and negotiated, however you are now in collections and have defaulted with your creditors. What they won’t tell you is you could have done this yourself earlier by working with your creditors before they sold them off to collection agencies, before you unwittingly defaulted on your accounts, and before your credit history just got destroyed. The simple truth is you can contact your creditors at anytime all by yourself and reduce your bills. Don’t let an unscrupulous debt counselor damage your credit and take your money, negotiate your debt yourself or look for another bill reduction option.
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