Aurora Debt Relief Attorney | Working Out a Settlement with Creditors

You can work with creditors and debt collectors to agree to a settlement. Read some tips to get this done and feel some debt relief.
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Often, when people are facing serious debt issues in Aurora and Denver, the calls from debt collectors and creditors can become overwhelming. It may be your first instinct to ignore the calls, but this does not help solve the issue. Instead, it can just make things worse. Before drastic steps are taken like wage garnishment or lawsuits, you may be able to negotiate with the creditors, in essence to keep the wolves at bay. This can help alleviate some of the financial stress you are feeling. Even after working out a deal with the creditors, you still may want to consider bankruptcy in order to have the weight completely lifted off your shoulders.

Steps to Working Out a Settlement with a Centennial Debt Collector

  1. Be honest about your situation: Tell the creditor or debt collector about why you are unable to pay off the bill and how you ended up in a financially difficult situation. Maybe you lost your job or had a medical issue arise that affected your finances. No matter the case, be honest and consistent.
  2. Stay calm and collected: Regardless of what the creditor says, make sure you stay calm. You won’t get anywhere if you lose your temper and get loud or use foul language.
  3. Take notes: Make sure that you keep notes about what you discussed with the debt collector. Note the name of the person you spoke with and the day and time you spoke. You want to have detailed records of your conversations.
  4. Save any documentation: When you get mail from the creditor, make sure you read it and keep it for your records.
  5. Research and calculate: Before discussing a settlement, make sure you have done your calculations, so you know how much you can afford to pay. You don’t want to agree to an amount, only to later realize it doesn’t work with your budget.
  6. Ask for the deal in writing: After you have come to an agreement, make sure you get something in writing before you begin to make any payments. You never want to put yourself in a position where you are fighting for something that has already been offered to you, because you have no proof.

If you are getting calls from creditors and debt collectors, it may be time to consider some real debt relief solutions, like bankruptcy. Call Littleton, Aurora, and Centennial bankruptcy attorney Barry Arrington at 303-205-7870 to schedule your free consultation and begin your journey towards financial freedom.

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