Loans for people with bad credit

When you have bad credit it is important to do all that you can to improve it. If you are saddled with old debts, it is imperative that you try to settle them.

You have the option of working with a settlement company or trying to settle these accounts on your own. The least expensive way to go is to do things yourself. Debt settlement companies charge a fee, to assist you. Unfortunately, these fees tend to be quite high.

Gather together all of your past due bills. If you do not have current copies available it will be in your best interest to request copies of each of your credit reports. This will ensure that you don’t leave anyone out.

Contact each creditor. Explain that you would like to settle an old debt. Offer to pay them a portion of the total balance due. Depending on the creditor they may accept 50 or 60% of what you actually owe them. (They would rather get some money, than no money at all.)

It is best to contact your creditors in writing. This way you will have a copy of the proposed agreement and they will not be able to contact you by phone, unless you give them your current phone number… which is not recommended.

Filed under: Reviews by MerryS