How to Handle Credit Recovery & Settlements

When executing a settlement, the first thing you need to do if at all possible is to tape record all conversations with the creditors or collection agencies. Many times consumers have done settlements and a collector will come back and state that they still owe them money and deny that they ever offered you a settlement, and you have no proof that you were offered a settlement therefore you have no recourse. Recording is very important. To learn more, contact Credit Rescue Inc. in Albuquerque, NM today. Dial (505) 899-1448.

When asking for a settlement, always pick an odd amount like 52% or 63%, so that the settlement requested looks like you actually figured out what your debt is and how much you have to settle with. Don’t tell the creditor or collection agency you are getting a loan to obtain the funds because if you do the creditor or collector will want to know the loan officer’s name and bank they work for and may find out you have more money than you stated, this could cause a big problem. Simply state “I am trying to settle my debts to avoid bankruptcy, I don’t have any money but I am getting a loan from a family member, and their funds are limited as well. I am trying to settle this debt to the best of my financial resources.”