Joining a debt settlement program will cost money, my best suggestion is if you are going to join a debt settlement program join one that only charges fees on performance, meaning a company that only has one fee. A fee for negotiated settlements only.

DYI or do it yourself is not as hard as the author suggests. I have been negotiating debt for a long time, if you want to negotiate your own debt you need t o study the following:

1. Study Fair Debt Collection Practices Act
2. Learn a base of commonly debt settlement terms, for example charge off, litigation, reaging, etc… You can find this vocabulary n most debt settlement sites or blogs.
3. You need tough skin. When speaking on the telephone with collectors you must be made of steel and always be two steps ahead of them. Never cave in, sound sure of yourself and negotiate wisely. I do agree with the author about debt negotiators, their experience negotiating every day. I did not know how to negotiate unsecured debt at first, I started one account at a time and so can you.

I have a credit card question and am seeking opinion/advice. Four years ago after divorce and becomming a single parent I found myself in credit card debt and when late on payments, the credit card companies raised my interest rates to high twenties, low thirties. It didn’t take long for this to then put me over the limits. With the over limit fees and high interest, I was having a hard time making the minimum payments. It was always my intention to pay back the debt but was finding it impossible. I wrote certified letters to the 3 companies asking if they would close the accounts, lower the interest until I could get the debt paid off. I explained that I intended on paying the debt but was unable to with the high interest, over limit fees. I then explained that if they were unable to work with me, I would be forced to let them default. None of the three companies were willing to work with me. Therefore, I waited the 3-4 months of no payments (which then added late fees) until it was sold to a collection company. The companies then harrassed me at work, home and cell. They were threatening and abusive. I set up agreements with each of them starting with a large initial payment. From there, monthly payments were made. I got another job and worked at paying back these debts. One company was paid off and I never heard from them again. The second company was paid off and a few months later I got a call from a new collection company stating they had bought the account. I sent the Better Business Bureau a letter explaining the scam to get more money from me after I had a paid off letter, etc. I got a letter from the collection company apologizing and saying I wouldn’t hear from them again. The third company is what haunts me today. I made the initial large payment to secure the settlement and from their, they directly deducted from my checking account monthly payments. Nearing the end of the agreement, I wished to speed up payback and increased the monthly payment. When I made my last payment, I called to tell them to stop deducting from my account, as it was paid per our agreement. Eight to 12 months later, I find that they have sold the account to another company. I called the company which I had made the agreements and payments to and was told by 3 different employees that because they had sold my account, they had no information that they could give to me. Today (4 years after setting up the agreement) , I was served papers stating that this current collection company is taking me to court for the entire amount initally owed. Now, I have documents (the check that was initially given to start the settlement agreement and bank records from the deductions this company made. I also made notes about phone calls to this company, persons spoke to and dates). However, the settlement agreement was done verbally over the phone and I never received anything in writing, nor do I have a payoff letter, which I had requested and never received. I am preparing a letter and copies of documents to send to the county court where this was filed. Do you have ANY other advice as to what I can do to FINALLY clear this up. This has haunted me and caused me an enourmous amount of stress and hardship. I did everything in my ability to make good on this debt. I am very frustrated and concerned. Any advice you could give would greatly be appreciated.

Thank you for your time,
Heather