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What Are the 2 Golden Rules of a Successful Settlement for Debt?

When you hire a debt company to conduct a settlement for debt that you cannot repay, remember one key point – that your are HIRING them to do the work for you. You use their services because they are the professionals and will know the best way for you to use settlement to successfully get out of debt as soon as possible.

You Need to LISTEN to them for successful debt settlements

Just like you listen to your tax preparer or your doctor, listen to your debt counselor. What will they tell you to do? Stick with their plan. Most likely, they will provide you with 2 primary golden rules for a successful debt settlement:

1. Do not talk to your creditors at all
You hired the debt settlement company to do your talking for you so let them do it. Remember , the settlement is a legal procedure and so your silence is the best way to avoid saying something that could make the process much more complicated (and sticky). They know what to say and when to say it to your creditors. Furthermore, a good settlement company has the established relationships with all the major creditors making the process as smooth as possible.

2. Be prepared to cut back expenses in order to save as much money as possible
The faster you can save, the quicker your company can get you out of debt and initiate the settlement for your debt with your creditors, it’s as simple as that. While they can eliminate up to 50-60% of your debt, they cannot wipe it out without the money you save under their program. Your short term savings will relieve your long term debt problem.

They will set you up on a payment plan so stick to it and if you can contribute even more than the plan specifies each month, even better.