OK, you are being barraged with calls from debt collectors and your life is caving in around you. You know that debt settlement is the best option from the research you’ve done and now you may be asking yourself this question. Do you want to initiate the process through a debt settlement company or do it by yourself? Yes, you can actually do the whole thing yourself and save more in the long run. But would you handle your own root canal or appendectomy? Probably not.
The reality is that in order to have a good chance of getting a favorable result, you have to be seasoned in the settlement industry. For example, knowing the right language on each settlement acceptance letter is key. And don’t forget to keep ALL documentation pertaining to these letters. This includes copies of checks. Being knowledgeable and organized in your documentation will prevent a common trick that credit card companies do. They like to receive a large payment from you and then sell the remaining part of the debt to a third party collector. It’s a ruthless but possible move without the correct verbiage on a debt settlement letter.
Another question you have to ask yourself is will you be mentally stable enough to negotiate correctly after months of threatening calls from debt collectors? Don’t forget that you will have to stop making payments for many months and you will be harassed daily. Threats of lawsuits may come and you will have relatives calling you about the collection calls they’ve received pertaining to you. It will be a degrading and embarrassing situation that could severely affect your judgement. Though you may find some information on the web about the benefits of taking on debt settlement yourself. I advise against it. Since it’s a process that you hopefully would only have to go through once in your life, it’s best left to the professionals.