A person should always be prepared for all contingencies when trying to reduce their debts. That is especially true should a person experience a debt settlement rejection. It is one thing to be optimistic and to hope that your lender will enthusiastically respond to your request for waiver. However, you should also be prepared for a negative reaction. What should you do if your request for settlement of your debt is rejected by your lender or credit card issuer? Should you opt for bankruptcy? Is there any way to convince your lender? Read ahead and find out more.
If you have approached your lenders personally for waiver and have been rejected, then you can employ a professional debt settlement company to intercede on your behalf. Do not convert this into an ego issue. Settlement companies are experts at negotiating high waivers from even the most stubborn lenders. They have detailed knowledge of how credit card companies function. Your request for settlement has probably been rejected because lenders felt they have not earned sufficient profit from you yet.
Professional companies can quickly point out to lenders how much they have earned as interest and how much they stand to lose if you end up in bankruptcy. This is one option you have. The other option is to claim that rejection of settlement is only going to lead to a bankruptcy. You can invite the lender to take legal action including seizure of your bank account. Of course, you cannot make such an offer if you have lots of money in your bank. It is only when you’re certain that you cannot repay the debt should you resort to such tactics. The idea is to convey to the credit card issuer that there is no way you can repay the debt in the current situation.
Whatever you do, do not think bankruptcy. The recession has hit lenders hard. Although they have become amenable to settlement, there still are instances where they try to play hardball. If you stick to your request long enough, you will convince the credit card issuers that you are worthy recipient of waiver of significant portion of the debt. Bankruptcy is a solution that is worse than the problem.
If you have over $20,000 in unsecured debt it would be wise to contact a Christian debt settlement company such as Nationwide Debt Reduction, Inc. right away and look at your options through one of our debt settlement programs. Using a debt relief program guarantees that your negotiated reduced debt will not exceed the quote we give you. For immediate assistance, call us toll free today at 800-890-5568.