debt

5 debt settlement do's and don'ts

Don't make a promise you can't keep
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Don't make a promise you can't keep

If your creditor is letting you pay the debt settlement over time, set the payments at a level you can manage financially.

"We encourage our clients who negotiate directly with their creditors to make sure that they do not set a settlement plan that is unrealistic," Jackey says.

Those who promise too much may be able to make only the first payment in the debt settlement and then have to default because they can't keep up with the rest of the schedule. When that happens, the account is referred to a collection agency, she says.


 

 

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