Sure you can, just like you can defend yourself in a criminal trial. Would you rely on yourself to defend your name if you had to go to court on murder charges? So why do you think you can defend yourself against creditors that have the right to sue you?
When you think you can settle your debt on your own, you should first remember that you got yourself into this hole of debt. I bet you even had different plans on how you were going to dig yourself out before it got this bad. It is understandable that you do need help with your debt problem, you are not a professional and must likely do not have the financial education of our staff and resources that FH Financial Service has. Consumers who wish to avoid bankruptcy and get out know they need a debt management plan that is practical and effective.
Not just anyone can become a professional Debt Negotiator. Debt negotiators go through extensive training learning state and federal laws, credit industry practices, the process of arbitration, and they have a developed skill for the art of negotiation. Furthermore, FH Financial has taken the time to develop key relationships with creditors that allow us the ability to work with the same individual every time. These relationships are a key part to the amount of savings we able to get our clients.
When FH Financial contacts creditors for settlements we usually contact them on the behalf of hundreds of clients; this is known as “buying power”. Since we are able to settle many hundreds of thousands of dollars at any given time, our clients get better settlement percentages because debts are not settled individually, they are settled in bulk.
Collection agencies and creditors love to deal with individuals who are trying to settle their own debts because they know the majority of the time that the consumer has no idea what they are doing. There are many laws that govern the credit and collection industry and it takes several months to learn the laws and know how to identify when a violation occurs. Further, under laws such as the Fair Debt Collection Practices Act, Fair Credit Reporting Act, and Fair Credit Billing Act, validation letters, dunning letters, and requests for production must be drafted correctly. For an individual to set out and try to learn the process of simply writing the documents would take countless hours and would need to be under the supervision of legal counsel.
It is very common for creditors to offer verbal settlements but never provide written documentation. Only after you paid the “settlement” do you realize that the creditors agent lied to you and you still owe the full balance. In the settlement agreement there must be specific terms on how the account will be reported to the credit bureaus. Most consumers believe that the collection agency will offer to remove the negative information from the credit report. That is not true. Legally, the debt is not allowed to be removed; that is not to say that it can not be done. On a credit report there are comments and codes. The only important factor is having the correct coded updated to reflect that they debt is paid in full.
In the event that our client has an aggressive creditor pursuing a debt, there are many stall tactics that can be employed to stop them in their tracks. The reason FH Financial has designed these tactics is to allow our clients more time to save money according to their payment plan and reach a reasonable settlement with the creditor. Unless you have worked for us, you will not understand what stall tactics are and how they can be used.
Another key part to become a successful debt negotiator is understanding the arbitration process. It is very common for a creditor to try and force a debtor into arbitration so they loose their rights that are granted in a courtroom. Arbitration can be a timely process and if the appropriate documents are not completed correctly, you will lose your case.
One of the most important pieces to the debt settlement game is developing relationships with an individual at each creditor’s office. These relationships are so important because we are able to build rapport with our contact and when we go to contact them, they know that we are not playing “debtor games” with them. Many Debt Settlement companies do not realize the importance of these relationships and get into screaming matches with the creditors agents. Good settlements are not reached by yelling at the person on the other end of the phone or table, they are reached by. Professionalism must be maintained by the Debt Negotiator to keep the respect of the creditor.
There are actual courses that individuals take who wish to pursue careers in the debt negotiation field because it is much more complicated than most would think. Debt Management is a service that FH Financial provides that will eliminate your debt. Unless you have the software and industry experience to put one of these plans together, you are sure to find yourself wasting a lot of time and getting very frustrated. If you want your Debt Settlement program to be successful and save you thousands of dollars, leave it to the professionals at FH Financial.
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