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Debt Settlement Negotiation – Should You Negotiate Your Own Debt Settlement?
Frederick Erickson
Many consumers, upon learning that settlement negotiation companies are usually for-profit enterprises, decide to attempt their own settlement, reasoning that they can save even more by direct negotiations, cutting out the middle man in the process. While on the surface the reasoning seems valid, what ultimately counts are results. The most important consideration any debtor should contemplate is quite simply the bottom line: How much relief will you obtain by attempting your own settlement negotiation as compared to hiring a professional reduction company to do it for you?
While many of us have indeed attempted to perform our own settlement negotiations, the vast majority of us have learned the hard way that when dealing with individual debtors, creditors are absolutely inspired to not give a single inch. You will find the occasional creditor will agree to a reduction in principle of 20 or 30 percent in exchange for paying off and closing the account.
Unfortunately, it is more often the case that your creditors will simply refuse to negotiate. Many will even lie and state that their particular company never, ever settle. This is categorically false; all creditors will settle. But many will only do so when dealing with a professional negotiator; these creditors actually have policies in place that instruct their collections department to refuse to negotiate with individual debtors.
The difference in results between negotiating your own settlement and using a professional settlement company to do it for you is primarily a matter of knowledge and experience. settlement negotiation, when done by experienced outfits, will have a lawyer on staff or retainer. Their employees are skilled negotiators, and creditors won’t try to brow beat them, bluff, or lie the same way as they do to people who try to negotiate a settlement themselves, thinking they will save money in doing so.
In fact, trying to do your own management settlement is usually far more expensive. Instead of reducing by 60% net expenses, you’ll be lucky to reduce the overall amount by 20%. On a total of $20,000, this represents an $8000 difference, dwarfing any savings achieved by not hiring a settlement company. Most management and settlement companies will tack on their expenses to the total amount owed, so the 60% you reduce your balances be after their fee.
Another factor to take into consideration is that the percentage of consumers who attempt their own settlement negotiation program and fail in doing so is quite high – over 75%. And this is with a standard of success (a 20% reduction) that is much lower than that obtainable by professional settlement negotiators, who on average obtain a reduction of 60% or more.
For the reasons stated above, the best course of action for most people is to procure the services of a professional settlement negotiation company. It is far less stress and hassle, your creditors will be instructed to end the harassment immediately, and the long term results are almost universally better than attempting to do your own negotiations. People will hire doctors, mechanics, and lawyers, and the same goes true when dealing with a financial situation beyond your level of expertise – it pays to allow the professionals to do their job.
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