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a way to save $$ on debt


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Posted by anonymous bill collector (64.12.96.205) on January 19, 2003 at 22:08:53:

I'm sure most of you are aware that debt's can be settled. Were you aware that in most cases you are able to secure a 50% or better settlement offer? You just need to know a few key things to make it happen.
1. Have the money available if you are offered a reasonable settlement. Most agencies and creditors want to know when they will get their money if they give you a settlement.
2. The first offer they make is not the best offer.
3. If you receive a notice by mail offering a settlement, make an effort to get the $$ and pay. This may be the best offer.
4 Threaten to file bankruptcy. Most collectors are trained to give a bottom line settlement at the first hint of bankruptcy.
5. Know your states statute of limitations on collections. In my state their is a 3 year statute that begins from the date of last payment.
6. Know when your date of last payment was, don't let yourself get blindsided into paying 1$ to a debt when the statue of limitations is about to run out.
7. STAY AWAY FROM DEBT MANAGEMENT COMPANIES!!!!!!!!!!!
these companies act like bigger criminals than the collectors do. They take your money, dont pay your bills until they get enough to settle them they promise you they have better abilities to help you they essentially sell you on their program and then leave you hanging because they have so many other people they represent.
8. IMPORTANT!!!Know if your creditor uses arbitration if you default on your payments. If you are facing the possibility of arbitration, pay the bill immediately! You do not have time to wait. The debt management company will let your case go to the National Arbitration Forum without offering any assistance or advice to you.
9. Be nice to the collector, they don't expect it.
10. Do not allow them to abuse you or to try to steal your dignity. It is against the law.


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