As Debt Settlement Companies have been working with creditors and collection agencies for the past few years, they have learned the best practices and have been able to mold them accordingly. Here are a few tips to be followed to make your settlement experiance as painless as possible:

1- Make the independent decision to stop paying your creditors directly. Upon entering into a credit card settlement program, it becomes the responsibility of the debt settlement company to pay the creditors directly with your saved money based on the  settlement agreement signed off by both the creditor and the consumer.

2- Avoid taking calls from the creditors. After entering into a program, power of attorney and cease and desist letters should be sent to your creditors. This means, the settlement company has your permission to negotiate on your behalf. Therefor, you should not speak with the creditors or collection agencies. If you do, just let the creditor know you are working with a debt settlement company and to contact them to discuss settlements.  The Fair Debt Collections Act will also help to limit the number of calls and types of calls from creditors.

3- Be diligant with your monthly payments! The only way to be successful in a debt settlement is to make each and every agreed upon payment. Without the money going into your account each month, there will be nothing to be used for settlements.

4- Do not use any credit cards not in the program. Do not put your self into debt on credit cards with a $0 balance while in the program. This defeats the purpose of being in a debt settlement program!

By following these simple steps and keeping in close contact with your debt specialist, you will have a hassle free experiance.

Call SYD Financial today at 866 364-9161 for a free consultation!

Tags: Credit Cards., creditors, debt settlement

This entry was posted on Thursday, September 24th, 2009 at 3:15 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.