Free Debt Elimination Letters

Options for reductions and savings are almost limitless. Principal, interest, late fees, and security agreements are all negotiable. The greater the reduction you request, the less likely you are to be successful on your own. Small reductions are easy, even with free debt elimination letters from form books. But small reductions produce little change. For this reason, using generic or free debt elimination letters from form books are not recommended for anyone who truly desires significant improvement in their personal financial circumstance. But if you have no other option available, generic forms are available from several sources.

Best sources for free debt elimination letters

The best source for free debt elimination letters is through a non-profit credit counseling service. You should receive copies of letter they compose on your behalf. Most often free credit counseling services are provided based on income qualification, and may require proof of participation in public assistance programs. Also, free debt elimination letters are available from financial form books commonly found at public libraries.

How to write debt elimination letters

For the do it yourself approach, many people mistakenly believe that letters may result in a significant reductions or savings. Be certain, a personal request is more compelling, and if they reduction is truly important, a personal visit indicates sincerity more strongly than poorly written or free debt elimination letters from form books. Nevertheless, when personal meetings are not possible, the most effective letters share a few common traits. We suggest:

• be truthful and direct
• provide a reason for your request - be specific (i.e. job loss, illness, divorce, etc.)
• ask for a specific reduction amount
• be reasonable, professional and courteous

Also be aware that a letter requesting a reduction may compromise your relationship with a creditor, and accomplish little other than accelerating their collection efforts. The most successful negotiation rely on both carrot and stick, such as a sincere personal revelation with an implied threat of bankruptcy. Threats of litigation are rarely effective, whereas a letter from an attorney always imposes a very real, implied threat of legal action.

First, compare your options and alternatives, then decide

Most people are pleasantly surprised when discovering the range services provided by consolidation lenders, credit counselors, consolidation plans, and consumer law firms. The cost of these services also varies significantly, so that cost-benefit is the best measure to compare value. A side by side comparison, based on actual quotes, is the only method that identifies your best choice. Forms and worksheets we provide quickly generate this comparison, from 10 different competitors, and produce a summary report of expected improvement in your net worth. The download is free, without cost or obligation of any kind.