A debt settlement letter can be very important because it represents the beginning of the process which will help you become debt free. This letter can be held in court as a legal contract between two parts and can mention the terms and agreements of the debt settlement process. It can help you increase your credit score if you do it in a correct and legal manner.
Being a legal document it is always best to have an attorney close by. He can show you what you need to know before singing and he can analyze this in perspective. It is true that a lawyer and can be a bit expensive but sometimes it can be worth it. Some creditors might add additional fees to your debt making it even more hard to pay back. Some fees are not legal and you could end up in a big loss.
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A debt settlement letter can be easily done and sent to the creditors. You simply right a letter with your personal information (name, address, etc) and address it to the creditors. In this letter you will explain your inability to pay the whole amount which you owe and you will also say what do you intend to do, try to out bankruptcy there so that you get the creditor's attention. Also make sure to include an amount which you can afford to pay back, make it somewhere around 50% of your debt.
The creditors will send you a response, and if they agree with your proposal you can start paying back the new amount you owe, which is significantly smaller. Some creditors will ask for the amount to be made in one single payment, you should know this before you applying for debt settlement. You can save some money in a separate account, it would be like paying the creditor, just that you won't have to worry about interest charges.
Debt settlement can be a great debt relief tactic if you do it correctly and legally, hire a debt settlement company and start clearing your debt, you will have a settlement attorney for any questions during the process.
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