written by: footballbob06(Josh)•edited by: Donna Cosmato•updated: 7/6/2011
Learn how to do your own debt negotiation without the fees from many debt consolidation services. Do it yourself debt negotiation is really not hard, but does take some learning and discipline.
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When you have debt it can be a very frustrating and complicated monster on your shoulders.This is why you can make your own do it yourself debt negotiation plan.There are many consolidation organizations that will charge you to do the same thing you can do yourself.This is definitely a starter to being able to save your money.Do it yourself debt negotiation involves getting in contact with the right person as well as knowing some of the correct negotiation procedures.
The first step to the do it yourself debt negotiation plan is contacting your creditor.You will need to make it clear to them that there is no way you can settle your debt under the current terms.You will need to have a plan made with better conditions that will be more convenient for you to repay the loans.The next step in do-it-yourself debt negotiation is to make them see the reasons that they need to be flexible with your current debt.The truth is that these creditors, many times would rather have someone paying less than a debtor paying nothing at all.At least they will get some of their money back, if not all in a longer period of time. In do it yourself debt negotiation you must be convincing enough and show them that you will be able to pay these new loan terms and will not fall behind.This should reduce some of the fees and interests when the new loan is rewritten.
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Loans for Consolidation
Another option for do it yourself debt negotiation is to get a loan for consolidation. You can obtain a loan for a considerable amount which is repayable over a longer period of time. Also, you can use this long term loan to offset your immediate outstanding debt, this will leave you with a single monthly payment and sometimes a lower interest rate. This type of plan will give you similar results to what a debt settlement company would do for you. In the loan for consolidation plan, you will save yourself a huge amount on the interest or fees you might have paid for the entire lifetime of the debt.
Sometimes it may be hard to find lenders for these types of loans, because you're normally seen as credit risk if you have bad credit. You just need to know where to look and how to find a legitimate lender. Most regular banks will not do this, but many times they can lead you to someone who will. When doing this always make sure that the lender has good standing with the Better Business Bureau. Many times you can even look in the phone or on the Internet to find advertisements for debt consolidation loans for those with bad credit. Most types of debts can be consolidated so it would be a good idea to find out all debts you have and how much of a loan you would need.
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Credit Card Consolidation
Credit card consolidation is another key element of do it yourself debt negotiation. Avoid debt payment through multiple credit cards as you may be unable to keep track of them.Many times you can also have many credit cards at different rates which can get confusing. There are also some times when credit card companies will have deals and specials for 0% or for lower percent balance transfers for a certain period of time than what you are paying on your current cards. This can drastically lower your interest payments, but you must check and see what normal rate is after the introductory period. Another thing to watch out for when implementing this method is to make sure there are no fees associated with a new card. This step in do it yourself debt negotiation lowers monthly payments which gives you money to put toward your other debts.
In do it yourself debt negotiation credit card consolidation ensures improved debt management. In this case your credit card consolidation will put you on the right track towards rebuilding and bettering your credit. Credit card debt consolidation is often the last resort for people who find it difficult to manage their self debt settlement plan .It is easier to manage, you will pay your debt with very low interest, you will have lower monthly installment payments and you can manage your debt effectively.