Write Your Own Debt Settlement Letter

Anyone can negotiate discounts and settle their debts for pennies on the dollar. Be aware, credibility counts and a valid reason will be much more effective. Especially, an error of law is the most effective reason to write your own debt settlement letter. Also, extreme financial hardship should be included if you choose to write your own debt settlement letter. Proof of financial hardship should be included, particularly qualification and/or receipt of public assistance. Because settlements are voluntary, a professional and non-adversarial stance is always the most effective approach when seeking voluntary reductions and discounts.

Suggestions if you write your own debt settlement letter

Few attorneys recommend you write your own debt settlement letter because of the potential to accelerate collection efforts. With timetables compromised, irreparable harm may be caused, and adverse credit reports and collection suits may be predetermined. The best policy requires early action, before adverse consequences build. Nevertheless, if you chose to write your own debt settlement letter, take time to compose a request with a realistic chance of success.

• Recite all relevant facts accurately
• Cite relevant statutes and code sections
• Cite relevant case law
• Clearly point out errors
• Explain precisely all requests and corrections required by law

Mistakes when write your own debt settlement letter

A poorly written letter is worse than no letter at all. You have only one chance to make a favorable impression when requesting reductions and discounts. If you write your own debt settlement letter, be sure to avoid these common mistakes:

• Overstating requests
• A naked threat of litigation will not be effective
• Misspellings, typos, and poor grammar
• Failure to support requests, demands, and positions
• Factual errors pertaining to financial history
• Missing deadlines

Before you begin

Few debtors obtain as favorable results representing themselves as professionals who negotiate and settle daily. Professionals develop a degree of expertise and knowledge, which in turn translates into better results. Practice, persistence, and experimentation pay handsome dividends for conscientious professionals. The best approach, before compromising opportunities, is to compare all options, costs and benefits. This comparison is available without cost or obligation of any kind, and is most easily completed in the privacy of your home using a set of well designed forms and sources for this purpose.