With an informal debt settlement, you negotiate a settlement with each creditor individually. Creditors will likely be willing negotiate with you in an effort obtain the money that is owed to them. Be honest when explaining your financial situation and put forward a reasonable proposal with a realistic payment schedule.
If you have multiple creditors, it may be difficult to come to an individual agreement with all of them. Sometimes it can be difficult to come to terms with them. It may be that some of your creditors will accept your informal proposal, while others may refuse.
Remember — the longer the payment schedule that you negotiate is, the more interest you are likely to pay. Our team of professionals can go over the solutions to your unique debt problems.