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Completing Your Credit Card Debt Settlement Process Successfully Through Debt Settlement Letter - Does It Really Exist?
Author : J.J. Yong
Negotiating credit card debt is a tiring and time consuming process. Some people choose to appoint legal firms or debt settlement companies to assist them to negotiate with their card providers. In order to save cost, some card holders choose to negotiate with their creditors on their own. A do-it-yourself debt settlement can be done through formal letters or through telephone. In some debtors' point of view, bargaining with their creditors through telephone enables them to obtain the result faster. If this is the case, does a settlement letter play a role?
In my personal opinion, the whole debt negotiation process will not be completed if there is no formal settlement offer given to the creditors. Even if you have contacted your creditors through phone, to play safe, you are still required to send in your settlement proposal by stating the settlement amount and the date of settlement clearly. At the same time, you are reminded to place your conditions in the letter where the creditors are required to remove all the negative items from your credit file when the payment is made. It is not wrong to communicate with your creditors through phone but it is not so secured. Some creditors may record the whole conversation but some may not. You can only have proof if you record the conversation on your own. If not, how can a debtor pay off partial of the debt without getting a written confirmation from his or her creditor?
Don't underestimate the functions of a settlement letter. From the legal point of view, a written request always serves as the best proof when there is a dispute. Both you and your creditors may have agreed to the new terms and conditions verbally. But without a written letter, the creditors may argue that you don't have intention to settle your debt. At the same time, the creditors may change their mind anytime and refuse to accept the settlement proposal if they choose not to provide you with new agreement. However, if you send them a written request, it is a must for them to reply to you accordingly. The confirmation letter from the creditors is the most powerful proof. They can't sell your accounts to other debt collection agencies in the future. You are protected!
To sum up, in order to become debt free legally, please bear in mind that a phone call to your creditors to ask them to reduce your total debt or your interest rate must be followed by a formal letter. Writing a formal request is one of your obligations as a card user.
Author's Resource Box
For more free credit card debt relief and credit card debt settlement tips, visit CreditCardDebtSolver.com.
Article Source:
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Tags: debt settlement, credit card debt, debt settlement process, debt settlement letter
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Submitted : 2010-06-21 Word Count : 970 Popularity: 85 Times Viewed: 13
