4 Key Things You Mustn’t Include in Debt Settlement Letter
Debt settlement letter is a legal binding letter. Before you send it to your creditors, you are reminded to check the details of your latest credit report first. It is important for you to ensure that the content of your letter “sounds” professional.
There are 4 key matters you must not include in the letter.
1) Never use threatening tone in your letter
You are writing to the creditors to request for debt reduction. You are actually asking for a favor. Hence, you are reminded not to use any threatening word in your letter. Try to write the letter in a friendly manner to inform the creditors about your intention.
2) Don’t propose a settlement amount which is out of your financial ability
It is not wise to propose a repayment amount that you can’t afford. Assess your current income and fund on hand first before putting your commitment in words. Do not propose to pay 80% - 90% of your total debt. You should make an offer to pay only 40% - 50% of your total outstanding balances. It is high possibility that it may not be accepted by your creditors but you have provided a better space to bargain further.
3) Don’t propose to settle your debt by making installment
When comes to settlement, creditors expect their debtors to pay the reduced debt one time off. As a result, don’t propose to settle your debt by making multiple payments.
4) Never ever include your saving account details
It is not a good step to show your saving account number to your creditors in your first settlement letter. By showing that, your creditors will know how strong your financial ability is. It will make your negotiation process harder.
For more information about debt settlement letter and debt settlement companies, visit DebtSettlementChoice.com.
Article Source:http://www.articlesbase.com/credit-articles/4-key-things-you-mustnt-include-in-debt-settlement-letter-1629224.html
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