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Debt Settlement Services Vs. Settling on Your Own

You need to assess your available time and your level of assertiveness before choosing between debt settlement services and your own negotiations.

Debt Settlement Requires Skill and Commitment

Monthly payments have fallen behind. Creditors are calling daily requesting that payment be made immediately or, at least, that they be given a date when payment can be expected. You realize that, short of winning the lottery, the payments can neither be brought up to date nor maintained, given the level of current debt and income. It is time too look at debt settlement, a process which will lower the overall debt amount and provide relief from the stress and anxiety. Because debt settlement is, at its root, a process of negotiation, it is best to assess your level of negotiating skill and the amount of time you have to commit to the process, before deciding to “go it” alone or to employ the use of debt settlement services.

The Pros of Debt Settlement Services

Professional debt settlers, whether attorneys or companies, exist to perform the unpleasant process of negotiation for a debtor who is worried, unskilled or timid. Many people truly avoid conflict at all costs, and these people certainly need to use debt settlement services. Trying it on their own will result in a poor settlement outcome. Professionals are experienced, know the law, and often have contacts established with large credit card companies. Further, they know how much each of these companies is normally willing to reduce. Thus, a great deal of the initial research that a debtor may have to do on his own is circumvented. Debt settlement services may also be able to locate a loan for the debtor who is unable to come up with the cash to pay of the negotiated amount.

The Pros of Individual Negotiation

An individual who determines that he has the time, the stamina, and the assertiveness to press his case alone, reaps the obvious benefit of paying no fees to a third party to get the settlement accomplished. Such a person will be able to press forward even though creditors initially say “no” to settlement, to do the research necessary to know what amount of reduction is reasonable to request, and to understand the tactics involved in settling with collection agencies and companies. This information is available on a wide variety of websites, and some may be gleaned from free consumer credit counseling agencies. It takes time, good communication skills, an ability to remain firm, and an understanding at all times that the debtor has something the creditor really wants.

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