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massive debt

Massive Debt: Why Handling It Alone Is Bad

By: Michael Millington


Handling massive debt on your own can be a difficult task. Not only will you have to negotiate with your creditors but you will have to track your phone conversations, take notes and be armed with the correct knowledge to reach debt relief.

The first thing you need to know about debt relief is that all creditors want is money. They don’t care how long it takes or who they have to contact to get it, that is their number one goal. That is why you want to make sure that the amount you offer them is the best you can do within your budget.

Also keep in mind that creditors are wanting the best deal for themselves. They want to get a deal that is going to be most beneficial for them. In fact, they use any tactics they need to ensure that this happens. As a result, you have to be fully prepared when tackling your debt on your own.

1. Lack of Knowledge

You might think that because it was easy for you to get into debt, it’s also going to be just as easy for you to get out of debt. Well that is not the case. Eliminating massive debt is a process and can take any where from a few months to a few years to finish paying off.

Many Americans, when faced with the option of reducing massive debt on their own, lack basic knowledge about debt and how it actually works. It helps to be aware of your debt relief options and terms in order to make a reasonable offer to a creditor that they will be willing to take.

For this reason, thousands of people struggling with massive debt look to a professional for help and advice. They are armed with experience and skills that make debt relief a more feasible option. They also will give you tools and resources for gaining back control of your personal finances and spending habits.

2. Most creditors won’t even talk to you about settling massive debts.

Creditors are very savvy people with a lot of resources on their side. They are specialized in knowing how to collect on their debts, for that reason they won’t always be open to settling on your debts if you do it yourself.

First, you already have proven to be an unreliable individual when it comes to promises, hence your huge debt load. Creditors are not open to making deals with debtors that owe a lot of money because there is a chance that you will once again fail to pay them back.

However, if you go to a professional debt relief company who has established relationships with debt collection agencies, they will be more likely to listen to an offer and settle. The professional will know the options available for your specific debt needs and be able to meet your debt relief goals.

3. Write Everything Down

Keeping an accurate and up-to-date record of your conversations with your creditors. You aren’t their only debtor that they deal with on a daily basis so they assume that you are a typical person in debt and that if they are aggressive enough that they will get the money out of you.

If you keep a consistent log of each person, including their name and title, you will be able to track who promises you what and make sure that they are keeping their word. Even if you don’t talk to the same debt collector each time you can get your promises met if you keep a good record.

Also on each phone call, take notes while on the phone. Once you are done with each call, send an email to the creditor with a summary of the phone call. Get them to verify your email and make sure it’s correct so that you have a written record of the call for future reference.

This is a good reason to work with a professional debt company or debt expert. They already have a relationship with some of these creditors that will serve to get you the best settlement possible and save you from false promises.

 4. Massive Debt Can Be Stressful

When you are trying to deal with massive debt on your own, it can be an overwhelming situation. Elimination of debt doesn’t happen overnight and as a result will take an enormous effort from you daily.

You will have to be in constant communication with your creditors in order to get negotiations started and completed. This, on its own, is a lengthy process because you and your creditors will go back and forth between an offer and counter offer until you can both can agree on an amount. Staying on top of them will show them your commitment to debt relief and get you closer to a compromise.

As you are doing this you will have to keep an accurate record of every conversation and correspondence between you and your creditors. In order to hold them accountable for their side of equation, you will have to be prepared with legal documents and conversations.

Not to mention, while you trying to put yourself in a position to reach full debt relief, you will also have to work and pay bills. Life doesn’t stop simply because you have massive debt. You will have to manage your daily life while also working on your debt relief goals.

Leaving a task like this to professionals, will not only take a weight off your shoulders but will give you piece of mind. You will know that these debt professionals know what they are doing and will be able to meet your debt needs and objectives.

5. Make Sure You Qualify for Debt Relief

Knowing what method of debt relief you need isn’t as cut and dry as just randomly picking one. Debt relief for massive debt comes in many forms and not all of them achieve debt elimination in the same manner. Some are only suitable for small debts while others will have you use your own money as a form of debt relief. It’s better to have an accurate picture of what’s available to you.

Debt relief is not available to everyone and your creditors will be sure to make sure you qualify before they even go forward with debt relief options. Just because you have massive debt and don’t know what to do doesn’t mean you qualify for debt relief. In many instances, you will have to show financial hardship in order to qualify. This is so that creditors see that you are unable to afford the full debt amount and will be more lenient in offering you debt relief solutions.

If a creditor does find out that you are holding out on them and could afford the full debt load, they could sue you. Once legal action is taken against you, it could lead to a judgment in which you will be legally forced to pay back your debt in full. This can come in the form of wage garnishments or a lien.

 

It’s Dangerous To Go Alone! Guardian Debt Relief Is Here To Help!

Guardian Debt Relief can help you navigate the unfriendly terrain that is debt with capable professionals and a debt settlement strategy that can slay any foe. With an A+ rating from the Better Business Bureau and many satisfied consumers you can rest assured that Guardian Debt Relief will be your guardian for your battle with debt. Take the first step and contact Guardian Debt Relief today!

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