Negotiating your own debt.
We are often asked if negotiating your own debt is a good or bad idea? And, for this question there are two answers, and it is determined by the amount of the actual debt to be negotiated. Small debt versus medium of large debt amounts.
Small Debt Amounts. With small debt cases (less than $5,000 for individuals, or $10,000 for businesses), it is generally proper to negotiate your own debt when the amount is small and there is no time frame at issue. In general, it is hard to find an industry professional (attorney) negotiator for such small debt amounts. In such circumstances, the cost usually overrides the benefits.
Medium, Significant and Large Debt Amounts. When the amount of debt at issue is significant (more than $5,000 for individuals, or $10,000 for businesses), your best option is to hire a debt industry professional (attorney) negotiator. The use of an attorney gives the added benefit of the individual or company as follows:
- An experienced debt attorney knows how to speak with all creditors.
- The debtor does not have to handle the constant harassing collection calls.
- The debtor does not have to hear “what a bad person or company he is for not paying”.
- The attorney has a barrier of privilege with you and does not disclose everything you would need to.
- The attorney will get a solid resolution, and
- Proper resolution documentation to protect you from further hassles.
- An individual who uses a proper debt expert attorney almost always saves more money than costs involved
- The client can move forward with their life or business while the debt expert attorneys resolves the cases.
As you can see, debt is not a black-and-white situation. Further, there are many situations we see that debtors have made mistakes with their own attempted resolutions. When such mistakes happen, almost always, the debtor will end up paying a significant price (usually more money) for their mistakes or unknown faults made resolving their own case. When it comes down to it, many businesses and individuals finally end up making the correct decision of hiring a debt professional (attorney) when they know that making even one potential bad resolution will place them in a perilous, unknown or damaging future.
We leave you with this note: your best resolution experts (attorneys) always offer a free consultation. Call that attorney for at least a free short discussion and potential options. As you are now reading this, you obviously have questions. Call us now, so we may discuss your situation and offer you potential strategies and resolutions…. Start now! 800-350-3321.
