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Debt Negotiation In Depth

Right now, let's go over the negotiation process in a little more detail. When you become a client of a professional debt negotiator, he or she will impose two simple rules that you simply must follow. They are:

Rule No. 1: Don't talk directly to your creditors.

Rule No. 2: Don't send your creditors any money.

Can you follow those rules? They do seem tough to most people. In fact, some clients simply cannot deal with them. They've gotten so used to sending out minimum payments every month, despite the fact that it's literally killing them financially, that they generally attempt to break Rule #2. It is important you know why these rules must be followed to the letter.

Rule 1 is critical because only one person can negotiate your debts for you. If only allow your negotiator to handle some of the creditor phone calls while you make other calls yourself, the odds are very high that you will say something that is not in your best interests. This could effectively undermine your negotiator.

Oddly enough, it's just like the cop shows on TV, where the suspect is read his or her rights while being arrested. In debt collection, there is a similar rule. A debt collector is supposed to tell you: "This call is an attempt to collect a debt. Any information you give to us will be used against you to collect said debt."

On the other hand, your debt negotiator knows exactly what information to disclose, when to disclose it, and what information to withhold. The average person, unfortunately, has no idea of what to say in this situation. Because of our upbringing, we tend to respect authority. Debt collectors are paid to have a lot of nerve and to present themselves very authoritatively. They have no problems asking you where you work, how much you make and how much you pay in rent, even though, frankly, the answers are really none of their business. But most people feel they must answer, in case somehow the collector will be sympathetic to their situation. The collector is paid NOT to be sympathetic. This is why the first rule is so important. Being quiet and letting your negotiator do the talking always pays off.

Rule#2 is even more simple. The key to it? Don't send good money chasing after bad! If you've been making endless minimum payments and you're not getting anywhere in the process, it's definitely time to STOP. Why waste even more money?

Important Disclaimer:
It's important that you understand that we do not advocate the idea that everyone should suddenly stop paying their bills. If you have enough income to reduce your debt the ordinary way (i.e. by paying payments larger than the minimums), an ethical debt negotiator will not take your case anyway.
This is because the negotiation process works best in the event of what is called "Legitimate Financial Hardship".

It's important to note that Rule #2 applies only to people who are suffering from legitimate hardships, and those who will experience serious problems, such as home eviction or car repossession, it they continue trying to keep up with their credit card payments.

Will this strategy work for you? Read on here.

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