25. Negotiating a Debt Settlement

Successful negotiation of a debt settlement can erase hundreds or perhaps even thousands of dollars from your obligations. Depending on the account and the creditor, collectors might be able to cancel half the balance or more. Therefore, once you have decided to settle a debt, it is worthwhile to prepare for the negotiation by combining all that we have learned about debt collectors, how they operate, and your rights in the collection process. To maximize your savings, it is necessary to keep in mind the pressures on the collector and what he or she already knows about you, as well as the provisions of the Fair Debt Collection Practices Act and the Fair Credit Reporting Act that govern the collection process. ...

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