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Drowning in debt? Welcome to the growing pool of debtors struggling to stay above water
It won’t be easy, but you can learn how to rescue yourself from debt. Analysis comes first. You’ll need to truthfully examine how you got into debt and what your current situation looks like.
Aurora Lillo Editor of the “Best Debt Settlement Companies” website — http://www.BestDebtSettlementCompanies.org — pointed out;
“…What type of debts do you owe? Are they unsecured credit card debts? Do you have secured debts as well? What has changed in your situation that makes it unbearable for you to continue to make payments? Did you lose your job? Was there a medical situation that developed in your family? Was there a loss of income from another family member? In other words, take complete inventory of your financial situation as it now stands. This is where you begin…”
Once you know where you are financially, you will know how to get to where you want to be: free of your burden of debt. Prepare your letter of hardship concerning your financial situation. This letter will be sent to all of your unsecured creditors with whom you have outstanding balances owed. Your letter should also state that you are able to pay a maximum amount toward the outstanding balance in return for total forgiveness of the entire debt. This amount should be a realistic, although much reduced figure, that you can pay right now. It may represent just a fraction of the total amount due. However, if your letter realistically shows that you truly cannot pay any more than the stated amount, the creditor is likely to seriously consider your offer. Creditors are allowed to write off “bad debts” as part of doing business.
“…You will need to do this with each of your creditors, with your maximum amount of payoff being specific to that total amount owed that creditor…” added A. Lillo.
Don’t despair if all of this seems overwhelming to you. There are many settlement services you can turn to for assistance in your area.
Further Information By Visiting; http://www.BestDebtSettlementCompanies.org
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