Tips For Being Successful In A Debt Settlement Program

Often times, clients who enter into debt settlement programs think that as soon as they are accepted into the program, their job is done. They could be more wrong. Here are a few tips that will help you get the most out of the program, including the best settlements and a quicker completion of the program.

1.The best advice I can give you is to do everything possible to find as much funds as possible as soon as possible. I know that most programs place a monthly amount that you are required to save, but that doesnt mean that you have to save the minimum. (Thats how most of us got into this problem in the first place, only paying the minimum.) Try to save an extra $50-100 a month, because after all, this does add up. If you can, borrow money from a friend or a family member, sell the extra T.T. that is just sitting around, or try not to go to so many happy hours. The logic behind this is the following. The faster you save money, the faster you settle your debts. Additionally, I cant tell you the number of great deals that clients have lost due to lack of funds. They have to pass up a 40% deal, and later end up paying 45-50% of the debt. Debt settlement is very much like ripping off a band-aid. If you do it quickly, it may hurt a lot, but only for a short time. Try to make those extra sacrifices now, and youll be able to enjoy financial freedom a lot sooner.

2.Stay in contact with your settlement company. You should communicate with the company at least once a month. A number of clients come into the program, and then we lose contact for 3-4 months. They dont bother to call or even email until they get a threatening letter or call. This includes sending correspondence you receive from creditors, but in a timely manner. I have a number of clients who love to send me letters the day after the deadline. The account has already switched hands, there is nothing to do. Debt settlement companies rely on the client for information that could affect negotiations, so please be responsible.

3.Finally, follow the rules of the program. For example, if the companies tell you not to receive calls from the creditors, then please dont. You may say or do something to comprise the negotiation. You are already paying for the service, so take advantage of it.

While each case is unique, these general guidelines will definitely improve any consumers experience while participating in a debt settlement program.