Debt Settlement Directory

Settlement with out damages

Take your time in reaching an agreement.

Never let them know that you need to settle a debt because you're buying a home, car or anything. If you tell a creditor that you need to settle to get into a dream home, they will never come to a settlement.

The creditor will insist on the full balance. Don't accept the first offer, or even the second. They need to be the ones calling you to push the deal. They will not offer an affordable settlement if the creditor thinks they have the advantage in dealing.

The creditors will likely stop calling and the debt will be filed away for future attention as time passes. The longer the debt remains uncollected, the better the chances of getting a good settlement. Time is on your side in this. In time the creditor will consider the bad debt a loss and receive a corporate tax write-off. This does not mean that they'll stop pursuing you for the debt. The corporation may still try to collect on the debt themselves. They may also sell or assign the debt to a collection agency, press for a judgment in court and a corresponding garnishment, or ignore the debt for the time being.