Some Important Rules of Thumb when Going Through Debt Resolution

Debt resolution can mean a handful of things and can be achieved in many different ways. However, regardless of whether you are filing for bankruptcy or working toward loan modifications there are still some very important things to keep in mind in order to make the process go as smooth as possible.

The following is list of important rules you should follow when going through the debt relief process:

1. Keep good records and ask for everything in writing.
Written correspondence holds much more weight than phone conversations so you may want to avoid collection calls altogether by asking that creditors send you what they need through the mail. Then, start a file of your correspondence with the debt collection agency as these records may be required during court proceedings.

2. Send all documents through registered mail.
Sending registered mail may cost more, but it can be very valuable in the long run. Registered mail documents that the receiver actually got whatever was sent to them by delivering the sender a signed receipt. That receipt ensures that no one can claim that whatever you sent got “lost in the mail.”

3. Keep your cool and don’t rush the process.
Debt resolution can be frustrating at times, but try not to be tempted to show a sense of urgency to resolve your debt. Keeping a level head and maintaining your patience can prove to creditors that you are confident enough to wait for their best possible offer.

4. Ask creditors to remove negative listings from your report.
After going through debt resolution, if you succeed in paying your debts in full there is nothing to stop creditors from removing negative listings from your credit report. Be sure to ask them to remove the listings and send you their agreements to do so in writing.

If you have further questions on the best ways to resolve your debt, visit our website at: www.creditadvocatelawfirm.com.