4 Steps I Used to Negotiate Debt and Save $6,500

1. Gather all of your financial information: Before you start negotiating your debt, it is important to have a clear understanding of your financial situation. This includes your income, expenses, and the amount of debt you owe. 

Having this information will help you determine how much you can realistically afford to pay towards your debt and will also help you make a strong case for negotiating a lower payment.

2. Determine your goals: Before you start negotiating, it is important to determine what you hope to achieve. Do you want to reduce the amount of debt you owe? Do you want to lower your monthly payments? Do you want to extend the repayment period? Knowing your goals will help you focus your negotiations and increase your chances of success.

3. Contact your creditors: Once you have gathered all of your financial information and determined your goals, it is time to start negotiating. Start by contacting your creditors and explaining your financial situation and your goals. You can negotiate by phone, in person, or in writing.

4. Negotiate a settlement: During the negotiation process, you may be able to negotiate a settlement with your creditors. A settlement is a one-time payment that is less than the full amount you owe, and it can be a good option if you are unable to make your regular monthly payments. 

To negotiate a settlement, you will need to make a lump sum payment, which may be a percentage of the total amount you owe. It is important to get any settlement agreements in writing to protect your rights.