You may find yourself in a deep financial hole and looking for solutions to get out of debt.
You may have heard that you need a credit card debt settlement letter to send to your creditors to get your debts reduced.
Learn why this may not be necessary to reach an agreement with your creditors.
No one wants to wait for letters through the mail these days.
If you live in Texas and your credit card company is based out of Delaware, you may lose 3 to 5 business days waiting for your letters to arrive.
Plus you also face the possibility of your letter getting lost in the mail.
They are more secure and faster options to talk to your creditors out there.
Plus, they may not even respond to your debt settlement letter at all.
You may just get a standard form reply letter that says to call in to their office to discuss your account.
So you will have accomplished nothing and wasted several days of your time.
You can do all your negotiating over the phone.
The major credit card banks have call centers open extended hours so even if you work during the day, you can still reach a representative and discuss your accounts.
You get a much faster response to your debt settlement offers when you are talking to them than waiting for a letter in the mail that may not even arrive.
The only time you may see a "credit card debt settlement letter" is when you have reached an agreement with your creditor and they fax or mail you the terms of the agreement with your payment amounts and due dates.
This is after all the negotiations have been completed not before.
You also want to get as close as possible to your charge off date before you agree to any settlement offer to ensure you get the maximum reduction on your balances.
And this is something you cannot do through the mail.
It can only be done efficiently over the phone.
Keep in mind that your creditors are recording your phone calls so if you want peace of mind, you can also use a phone recording service or Skype to record the phone calls on your end.
You can let the representative know that you are recording the call just like they let you know when you first called them up.
Now you know that you do not need a credit card debt settlement letter to reach a favorable agreement with your creditors.