I want to negotiate a payoff of debt with a LLC. I don't know exactly how to do this without sounding like a dummy. Can you give me a few tips?
Given your hesitancy to negotiate directly with your creditor, I would encourage you to contact a debt negotiation firm to assist you in reaching a favorable settlement on your debt. Assuming that this obligation is an unsecured debt, you should be able to enroll it in a standard debt settlement program. Debt settlement programs generally work with creditors to negotiate reductions of as much as 50% to 60% or more of the balance you owe. In most cases, debt settlement clients save up money for lump-sum settlements over the course of two or more years; however, if you can raise a lump-sum to offer now or in the near future, a good settlement firm may be able to resolve your debts in a matter of months rather than years. If you would like to read more about debt settlement programs, I encourage you to visit the Bills.com Debt Negotiation page. In addition, if you enter your contact information at the Bills.com Savings Center, we can have one of Bills.comÂ’s preferred debt negotiation providers contact you to further discuss the debt relief options available to you.
While you may be able to negotiate with your creditors yourself without professional assistance, I think that you would be wise to consult with a professional to discuss the costs and benefits of hiring a company to assist you with negotiating your debts. For example, a professional debt settlement agency should be able to tell you which creditors are more difficult than the others, and therefore which accounts should be settled first. In addition, professional debt negotiators have had time to build important relationships and establish contacts with many creditors, something that the average consumer does not have. Finally, I have found that, in many cases, consumers find it very difficult to negotiate on their own with the creditors due to the emotional investment they have in the situation; they allow threats made by their creditors to intimidate them into less favorable repayment terms than may have been negotiated by a third party advocate with no personal involvement in the debt. On the other hand, a debt negotiation firm will charge you a fee for its services, so you must consider the benefits versus the costs to determine if hiring a debt negotiation firm to represent you is the right choice for your circumstances.
If you decide to negotiate with this creditor yourself, the first recommendation I would make is be confident; you should not allow the creditor to intimidate you into paying more that you can afford by threatening a lawsuit, derogatory credit, or other negative effects. While this account may be damaging your credit rating, few creditors choose to file suit against delinquent debtors. You should therefore be firm when you make a settlement offer to the creditor; tell the creditor why you cannot afford to pay the full balance owed and what you can afford to pay in a lump sum to settle the account. In many cases, creditors will accept 40% to 50% of the balance owed, but you will likely need to pay that amount in a single payment or within a few months at most. Once you call the creditor and make it clear that you will not be intimidated, the creditor should be willing to entertain a reasonable settlement offer. If you are able to negotiate a settlement with the creditor, make sure that you obtain the settlement terms in writing prior to making a payment, as the settlement offer letter will serve as proof of your agreement with the creditor.
I strongly encourage you to speak with a professional debt negotiation firm to discuss your situation and help you determine whether or not a debt settlement program is a good choice for you. From there, you can determine whether or not you want to hire a professional or attempt to negotiate these debts on your own. Additional information regarding debt negotiation and other options available to assist consumers in resolving their debts, such a credit counseling and debt consolidation, is available at Debt Help Services section of Bills.com.
I wish you the best of luck in resolving your debts, and hope that the information I have provided helps you Find. Learn. Save.