Negotiating a reduction in pre-existing debt with a credit card company, a collection agency or other creditor may be a reasonable answer to save your credit rating while proactively promoting general emotional and physical wellbeing and peace in the home. Sounds like a plan but how is it done?
First of all, this a debt negotiation and settlement process will only apply to unsecured debts such as credit card debt or medical bills. Secured debt such as a mortgage, student loan, or child support will usually not be altered due to any debt negotiations. That information in hand, you need to find a way to accomplish the hard part which is trying to melt the cold heart of a creditor with a sad story and another promise to pay a debt which you have already promised to pay and are now unable to pay as promised.
Imagine yourself in an unspoken war of wills with the debt collectors. As often as they can call you demanding collection payments, you may just as often, if not more often, politely call them offering to settle that same debt at some reduced amount. What is good for the goose… and they may settle with you just to make you stop the constant calling at all hours of the day and night but at the very least they will readily recognize your name and account and acknowledge your unending sense of responsibility and fiscal interest.
The most important thing to know about debt negotiation programs and debt collection services in a nutshell is: "buyer beware." Your best hope would be to find a company that will charge you one flat fee each month. The fee adds to your already existing monthly debt and so the debtor must have some reason to conclude that in the end he will be paying less on the outstanding debt as a result of the fee generating efforts on made on his behalf by the program. Often such reductions in the original debt never materialize and many debtors feel scammed.
A better choice may be to make an appointment with a debt negotiation lawyer who routinely represents debtors and is professionally experienced in debt negotiation settlement exchanges with creditors. The debt negotiation lawyer can professionally make debt negotiation settlement inquiries with your creditors and facilitate a speedy resolve to your debt predicament. A debt negotiation lawyer has your interests in mind rather than those of a company or "debt negotiation program" specifically in business to generate profit from unpaid consumer debt.