Advice on Debt Modification and Settlement

• Creditors’ calls are terminated


• Existing debt is restructured to keep off from bankruptcy


• Substantial debt reduction is achieved on your credit cards, lines of credit, personal loans etc. You can take a look at the sample business scenarios provided


• An adequately structured debt settlement plan helps you to appease your creditors with what you can afford


• Your communication with the collection agency will cease to be via phone but in writing; if it at all telephone communication has to pass between you and the creditors or collecting agency, the time of the call and the name of agent spoken with should be written down. The conversation should also be recorded if feasible


• You can also achieve bad debts elimination for great savings using debt settlement/

• Do not forget to pen down the name of the agent you had a telephone conversation with, and also the time of the call. You should also record the conversation if you can


• The written terms of agreement should be obtained prior to opening your check or making the initial payment; a substantial written agreement will serve as an evidence in the future and help you stay out of trouble


• Adequate record keeping is very important; structure a file for keeping records and tracking every other dealing with the creditor. Ensure that you keep a copy of the negotiated agreement between you and the creditor until and even after the repayment of the debt.


• Also, every correspondence in form of letters sent and received, should be photocopied and safely filed along side with other documents relating to the negotiation.


• very correspondence with the creditor should be put in writing and exchanged through registered or receipt requested mail. This is the best way to be certain that the creditor received the letters