For a person who is suffering from the problem of excessive debts, even a suggestion of waiver of seventy percent of the debt seems too good to be true.
The fact that the seventy percent waiver that we are talking about here refers to the most expensive form of debt- credit card debt makes the entire deal almost unbelievable.
Yet, it is true.
As on date, you can get a waiver on your dues owed to your card issuer and settle the debt by payment of just thirty percent of amount owed.
How is this possible? You just have to approach your card issuers and communicate that you are not in a position to repay your debts in fall.
Simply stating this will not suffice.
You will have to convey to the issuers that the only viable option for you to get out of debt is bankruptcy.
In such a scenario, card issuers, being unsecured creditors, would not hesitate to offer waiver i.
e.
a partial relaxation of the amount to be paid to facilitate repayment.
The best part is that all aspects of this transaction are completely legal.
You promised to repay all your debts when you obtained the card.
Since your card issuer will be permitting the waiver in writing, the previous contract would be void and the new agreement between you and the card issuer will be enforced.
The important thing here is to make use of the right negotiators to intercede on your behalf.
Obtaining debt settlement is not as simple as making a simple request and getting relief.
Rather, you will have to fight tooth and nail for each and every dollar of waiver.
Credit card issuers will use their vast experience in their field to bring down the percentage of waiver.
You also will have to make use of professionals who can justify why your claim for the maximum waiver is perfectly valid.
Once this is done, you simply have to deposit the money to be repaid in an escrow account.
The money accumulates over a period of time and is repaid in full to the credit card issuer once the amount payable has been deposited.