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In some cases, you may be able to negotiate down your debt so you end up paying lessmoney.
Also here are five myths about debt relief.
Unsecured debt, on the other hand, can be easier to negotiate.
This is something many banks choose not to do.
The collections agency will often be the one who will take you to court over the debt.
If your debt is already with a collections agency, the agency may also be willing to negotiate.
A workout agreement might involve adjusting the terms of your debt to make it more manageable.
You may need to provide the bank with documentation that proves your current situation.
Be upfront about your financial difficulties and the amount you’re free to realistically afford to pay.
A lump sum settlement can be a win-win situation.
However, you should always do your homework before you engage with a debt negotiation or settlement company.
Check their reputation by contacting your state attorney generals office or local consumer protection agency.
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