| If you can't keep up with your credit card bills, then | | | | Letters don't have the same impact. While "sob |
| debt settlement might be the right solution for you. | | | | stories" don't usually help, there is no substitute for |
| Many consumers think that they can negotiate their | | | | personal contact. Handling yourself with dignity and |
| credit card bills using a debt settlement letter. | | | | class, and explaining your hardship clearly, go a long |
| Unfortunately, while this sounds like a good idea, it | | | | way to making the negotiation process work for you. |
| usually does not work. | | | | So then, how does the process of debt settlement |
| Why not? | | | | work? |
| There are several reasons why debt settlement | | | | - First, you need to talk with the right person or |
| does not work by sending letters. | | | | department. Most customer service people you reach |
| Letters can get lost. While the U.S. Postal Service is | | | | by calling the credit card company's 800# usually are |
| usually quick and reliable, letters can still get lost. Or | | | | not the right people to talk with. |
| they can get delivered, and then get lost in a pile of | | | | - Second, you need to be prepared to make several |
| paperwork on some clerk's desk. Even if you send | | | | contacts. Most settlements are not accepted from |
| by registered or certified mail, or use a service like | | | | the first contact. Or the second contact. |
| FedEx, there is no guarantee that the letter will be | | | | - Third, you are working with other people. So by |
| read by the right person. | | | | stating your case clearly, and handling the negotiation |
| Letters don't get to the right person. Each credit card | | | | process politely, will help you get the best deal. |
| company usually has a staff that handles settlements. | | | | So, while debt settlement letters sound like a good |
| Even if they allow the process to work through the | | | | idea, in most cases you will need to pick up the |
| mail, there is no assurance that your letter will get a | | | | phone (and probably more than once) to get your |
| response. Especially if your offer is not accepted. | | | | settlement offer accepted. |