How to succeed in a debt settlement program
Desperate, exhausted, overwhelmed. Just a few of the feelings you may have when you’ve fallen behind on your credit card payments and debt becomes too much to manage. Enrolling in a debt settlement program could get you back on track. However, debt negotiation is an aggressive approach that requires an unwavering commitment. If you want to regain control of your finances, you must follow these 5 rules to succeed in a debt settlement program:
Do your research: choosing the right debt settlement firm.
If you search for debt settlement companies on Google, don’t click on the first links at the top of the page without first making sure they’re not an ad. These companies may have matched your search, but they’re not necessarily at the top because they’re trustworthy. Large companies have exorbitant advertising budgets and can afford to pay Google to push their website to the top. And bigger is not always better. Big spending on ads only means their clients will end up paying for it through larger fees.
When you do click on a firm’s website, don’t forget to include these other considerations on your checklist:
- Do they offer a performance-based fee model? Some companies will charge upfront and monthly administrative fees even if they have not settled any of your debts. This means there’s no incentive for these companies to close your account as quickly as possible.
- How much debt have they settled on behalf of their clients?
- How long have they been in business? The art of negotiation requires experience.
- What is their success rate? If it’s 50/50, you’d be leaving your financial future to chance.
- What is the average savings of their clients? Debt settlement will likely damage your credit so you better make sure the cost savings makes it worth your while.
Never stop communicating with your debt settlement representatives!
Whether you’re scared, overwhelmed, or full of doubt, always stay in touch with your debt settlement team. If they send you a message or call, be sure you make yourself available. They may be negotiating with creditors on your behalf, but you will still play a vital role in the debt relief process. And remember, they’re working for you, NOT the debt collectors. Your team is trying to get YOU the best deal possible.
Make your payments.
Creditors will not strike a deal if you don’t have something serious to bring to the table. That’s why it’s important to make your monthly escrow payments. If your financial situation changes and you can’t make those payments, follow rule #2! Your account manager can work with your situation to find the right solution for you.
Stay tough. Stay focused.
Debt settlement programs are designed to get you out of debt quicker- and save you money, but they are still a time commitment. And just because you enrolled into a program does not mean the collection calls and threats will stop. Debt settlement isn’t just a financial journey, but an emotional one as well. You need to stay strong and stay calm. Your team can help you stay the course. If you need reassurance, give them a call!
Be prepared for the deals.
Even expert debt negotiators cannot make an offer last forever. That’s why you need to be present and actively involved in the debt negotiation process. If you followed rules 2 through 4, you should be in good shape!
If you’re ready to succeed, give New Era Debt Solutions a call today at 1-800-527-4421 or fill out our form for your no-cost debt analysis! And please feel free to research our company! Since 1999, New Era Debt Solutions has followed the principles of truth and transparency. That’s why we’ve made program statistics available on our website that few other debt settlement companies are willing to make public.