Sketching Your Payment PlanDebt Settlement Plan Debbie White
When
you are starting the debt settlement process, the most crucial part
is to sketch your payment plan well. First, you have to be able to
make the regular payments, and second, the creditor has to agree with
it. To
sketch an optimal Payment Plan that will get you out of debt, you
will need to follow the next steps one by one and review each topic
thoroughly. 1.
Interest Rate Negotiation: it is one of the most important parts
of the plan because a successful interest rate negotiation can and
will save you a lot of money. Try to reduce as much as you can in
order to reduce the principal debt amount. Your interest rates could
get eliminated if your payment plan ranges in a 6-month period. 2.
Automatic Savings Deposit: you will need to setup your checking
account to automatically transfer money to your savings account.
When you accumulate a substantial amount of money, the debt
settlement program can be closed for one of the accounts. 3.
Old resources may be helpful: make use of old savings accounts,
stocks, bonds, mutual funds and any kind of investment to negotiate.
By using a large sum of money you could achieve up to 60% of savings. 4.
Ask friends and family for help: do not feel ashamed to ask for
help among your circle of friends or your family members. This is a
great way to raise funds in order to negotiate a good deal. 5.
Insurance policies: you can always use a percentage from your
insurance policy to repay your debts. The great thing about it is
that you do not have to repay it. Even better, the withdrawn amount
is deducted from the policy. 6.
Using your assets: if you have valuable assets, sell them to
obtain funds. Having lots of assets may be a problem if you ask for
Debt Settlement because the creditor could get the entire debt amount
without giving you any reduction. 7.
Procure an extra income: whenever you can, try to find a second
job to increase your income. In doing so, you can reach the Debt
Settlement requirements, and you can also start saving money to
complete the debt settlement for certain accounts. A saving plan can
also be very helpful in the long term. You can always count on the
saved money to bargain for a major reduction on your debts. Above
all, we recommend people always look for professional help because
counselors know the collection agencies and the creditors. That is
why they have an edge during the negotiation process and will surely
get you the best debt settlement plan in order to achieve the
ultimate goal: become debt free. Start the process right now and see
for yourself that you can become debt free once more. Fill
out our short on-line form and let us show you how Debt Settlement
can stop harassment from collection agencies and can also solve your
debt problems. Check
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