However, if the original creditor is a large bank, you can make a small exception to this rule. Large credit card issuers will say they send a contract after receiving a payment. If they do not stop with this directive, you will open a new current account with your bank or credit union. If you have structured compensation, place the first payment on this special account. Allow the original lender to withdraw from the new account. If the original creditor sends you a settlement agreement, you will continue the account as agreed. If they do not send you a letter, contact your attorney general`s office, the FTC, and a lawyer in your state who has experience in consumer law. In some cases, Bovee says, some banks require you to specify your ACH payment information before sending them the agreement. In this case, it is advisable to register the call segment that covers the transaction. Tell your creditor that you are recording the interview because they refuse to send the contract letter before payment.

Keep this record until you have received the written agreement. Initial creditors differ in several respects. You may have to wait until an original creditor is ready to negotiate an agreement. After 30 days or more on an account, the original creditor will start taking away calls, which means you will soon receive marketing « settlement letters » with lender discounts. This tells you that your original creditor is willing to negotiate. Call the original creditor to enter into negotiations with two specific « playing cards »: While many debt settlement companies out there would make it look like they have special internal links that allow them to get a better offer for you, this is usually not the case. Bovee advises that the first alternative to consider is Chapter 7 bankruptcy, because it is the lowest cost and the fastest option and, he adds, it is not the credit killer that is often highlighted. If you don`t qualify or don`t feel it`s the right solution for you, you can also look at debt management. This option does not have the same negative effects on your credit score, you do not have to deal with collectors and you will not be sued. However, debt management is a rigid plan that does not allow for a derogate from the agreement. Therefore, it can be difficult to conclude, unless you have a consistent income for the three to five years that the plan will last.

He also suggests paying 10 days to give time to get the deal. Then follow in 72 hours to request it by fax if you have not received it in the mail. And, if they do not send it, cancel the planned payment and are ready to start from the agreement.