Be prepared to show your financial cards4 of 7Before they agree to settle your account, creditors will ask for documentation of your income, your assets and all of your existing debts. They'll want convincing proof of your hardship."They want to make sure that the person they are going to be offering this settlement to cannot pay (the full debt) and is not just looking to save some money ... and that the only way they can expect to get some of their money back is through some kind of concession," Graves says. "They don't want to offer concessions to individuals that just want a deal." Related Articles:Types of debt reliefPros, cons of debt reliefLimits of debt settlementDebt plan hurts creditRelated Links:Manage or settle debtFighting debt collectionGet my credit report?Dealing with old debts advertisement
Before they agree to settle your account, creditors will ask for documentation of your income, your assets and all of your existing debts. They'll want convincing proof of your hardship.
"They want to make sure that the person they are going to be offering this settlement to cannot pay (the full debt) and is not just looking to save some money ... and that the only way they can expect to get some of their money back is through some kind of concession," Graves says. "They don't want to offer concessions to individuals that just want a deal."
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