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Debt Negotiation

Very few people realize that there is another very important solution to burdensome debt, one that puts you in the driver's seat, and effectively levels the playing field between you and your creditors, without the problems that come with courts. The approach is debt negotiation - otherwise known as one of the most powerful forms of debt consolidation out there. It is a solution that is almost exactly like something we do everyday - haggling. Have you ever haggled over the price of something you were going to buy? The exact same approach can be done for your debts.


For a moment, imagine you could wave a magic wand and turn, say, $30,000 worth of credit card debt into $15,000, or maybe even as little as $12,500. Wouldn't that make a huge difference to your life and your financial future? We're betting it would. Most people are sceptical that this solution is even possible. But understand this: if you have a professional debt negotiator on your team, the odds are generally very good that he or she can cut your debt in HALF. That's 50% off. In many cases, it is possible to cut overall debt by up to 75%!


How Is Debt Negotiation Possible?
The reasons why this is possible are very clear. For a moment, put yourself in the shoes of a collection department manager for a major credit card company. First of all, you are quite aware of the fact that bankruptcies are at an all-time high, especially because you deal with them everyday. You know also that your chances of collecting debts get worse as the debt gets older.


Now consider this. Say you have the opportunity to close the books on a past-due account by collecting 50 cents on every dollar owed by the customer. You can either accept, or take the chance that you will never collect a cent by trying to hold out for the full value of the debt. You also realize that once the account leaves your company, it will go to an outside collection agency. And, even if the agency is good at what they do, they are unlikely to collect more than 70% of the total. Add their 15-20% commission on top, and you have to conclude that you might never retrieve more than half of the debt anyhow. Suddenly 50% doesn't look so bad!


Now, the way we've described this, it sounds like a very easy thing to do. You might even be thinking to yourself, "Maybe I'll pick up the phone and try this out myself". But before you try, we'll give you an idea of how the conversation will go. First off, you will likely receive the "customer assistance team", and the representative will probably tell you that while other banks might settle for 50%, their bank never settles for anything less than 85%, under any circumstances. However, if you would like, they do have a wonderful hardship program!


Once you've tried this approach with four or five banks and received what seem to be the same answers every time, you might end up with the idea that debt negotiation does not work. The key problem here is that your bank or credit card company will rarely take on of its customers seriously. Like it or not, they simply don't believe you, and probably think your story is phony. After years in business, they're no doubt quite prepared for the do-it-yourself negotiator. They have telephone scripts at the ready, so that by the time the conversation is over the caller feels very guilty about the debt, and the bank's lame hardship program sounds like a great deal after all.


At Debt Consolidation Advisors, we are professionals. But, if one of our employees was ever in financial distress, he or she wouldn't try to his or her own debts. Instead, we would recommend that the company help the individual. This is something we can't emphasize enough. Believe us, having a professional on your team can mean an amazing difference.
The reason why is simple: once your bank or credit card company realize they are speaking with a professional - someone who knows the rules and regulations - they quickly change their tune. A negotiator will obtain better results than you might ever be able to, simply because every tactic the bank has is completely useless. Why is this? Because they can't talk to you directly. This means they can't apply psychological pressure or tricks on you, simply because this is all filtered out by your negotiator.


Realistically, there is no shame in asking for help. The best way to look at it is this: the banks pull out their big guns once you fall behind. They have an army of collection agents and lawyers whose sole job is to go after you as aggressively as possible. Doesn't it make sense to level the playing field? Shouldn't you be able to concentrate on improving your situation while you let someone else deal with the aggravation of the constant phone calls that start to come in once you fall behind?


There is more to debt negotiation you should know about. Click here.

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