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DebtLessen – Settlement Of Debt
Do It Yourself Debt Negotiation & Reduction Solutions

May I please ask the reason you've decided not to eliminate your debt with DebtLessen? Is it because :

I think I can do this on my own without your course.
I’m not interested because I don’t want the negative impact to my credit and would rather continue to make a lifetime of minimum payments.
None of the above. My reason is because

A TRUE STORY

Fair enough but, perhaps I can get you to look at your situation in a different light. Let me share a true story with you and then ask you a very simple question. This story is not one made up to "fit" this particular situation. It just happens to be a perfect metaphorical story for the negotiation process.

About 10 or so years ago my father, a dentist who resided in a home/office located in Washington D.C., was looking for an additional home across the river in Arlington, Virginia. He was expanding his family and needed more space and a real home instead of the current dual residence he shared with his business.

Anyway, an ex-girlfriend of his, who was a real estate agent, was helping him locate a home. She was representing him as what is called a buyer's agent. but not in the official capacity since she was a close friend.

Eventually, she found a home for him that was within walking distance of the Pentagon. It just so happened that this particular home was also a home for which she was also the listing agent.

This made her a dual agent, one that represented opposing interests of two clients, the buyer and the seller. Her loyalty should have belonged to the seller and all financial and personal information provided to her should have been kept in confidence.

Similarly, if my father had an exclusive buyer's agent agreement in place with a different broker, that broker's loyalty would have belonged to him, the buyer.

Moreover, a buyer who has told his agent he would be willing to offer more than the asking price to purchase a particular house needs to be confident that the agent won't prematurely pass on that information to the agent representing the seller. So a seller needs to be able to trust that his or her agent will not disclose that he or she is considering lowering the price until that decision has been made.

Now, while having a real estate agent represent both the buyer and the seller is legal, it's often a conflict of interest and not a recommended practice, and even less so without the proper disclosure to all parties as the law requires. Since the "dual" agent was a close friend of my father, the dual representation was never official and was never disclosed to the seller.

In the end, the transaction went through with an unfair advantage to the buyer, my father. Similarly, you will have an unfair advantage against your collectors with the aid of DebtLessen.

Now let me ask you a question: Who had the ULTIMATE leverage in this transaction?

If you guessed the buyer, it was a good guess, but incorrect. The buyer actually had the secondary leverage. The ultimate leverage was held by the agent who knew EXACTLY what both sides were willing to accept to enable the transaction.

In this example, the agent could have crafted the sale however she liked as long as the needs of both parties overlapped just the slightest.

But in this example it's not the agent's leverage I wanted to make you aware of because she is the one in the middle of the transaction. It's the buyer's leverage against the seller that I wanted to relate to you, similar to that of a debtor negotiating against his or her creditor/collector.

In this instance, the buyer had the negotiation leverage over the seller because he knew from the dual agent what the seller's lowest price of acceptance was. Could the buyer still have gotten a good deal without the illegal disclosure of information? Maybe, but probably not. Could he have gotten the absolute lowest price like he did with such ease, without that same information? It's very unlikely.

Similarly, DebtLessen, like the agent in this story, will give you an unfair advantage over your collector. Or at the very least level the playing the field. This is my gift to you and definitely the biggest single reason to invest in the DebtLessen system.

There is a lot more to debt negotiation than what this simple real estate transaction illustrates – which is only related to price. You are not only dealing with your finances, but your entire financial future. Do you really want to "wing it" or do you want an unfair advantage with the help of an industry expert providing you guidance?

Look, let's cut to the chase: you really only have 5 options to choose from in order to get out of debt:

  1. Go to a debt settlement company and pay upwards of ten times or more than the price of investment in this course. Because company fees are based upon a percentage of your debt, the more you owe, the more you will pay. Of course, the higher your debt, the higher the price you will pay for their services compared to DebtLessen.

    In addition, you'd better hope you choose a good company. Then you better pray that, after they collect all of their up-front fees in the first 14-16 months that they will be around to continue to service and negotiate on your accounts for the following 20 or more months for free.

    Side note:
    One of the companies I worked for shut down their current operations and opened up a new company in the same location right before the Federal Trade Commission raided their offices. With the creation of the new company, their operations were allowed to proceed as usual and the "screwing" of more innocent debtors in need of help continued.
  2. You can stay in "The Creditors Life Plan" where you continue to keep doing what you've been doing: make your minimum monthly payments and subject you and your family to a sea of never-ending debt.
  3. You can go it alone and hope things work out for you. You assuredly will not get the best deal without insider information and you could possibly hurt yourself without a roadmap and proper training.
  4. You can hire me to settle your debts for no up-front fee and, instead you will just pay 25% of the savings I achieve for you. This can also be a little costly, as my fee for saving you 55% on a $10,000 debt load alone would be $1,375. I'll take that, thank you very much! And I won't be there to hold your hand and guide you or answer your questions UNTIL it's time to settle. I work to negotiate and negotiate ONLY. If you want guidance you'll have to pay more, or go to a debt settlement company.
  5. You can educate yourself with DebtLessen. No one knows your debt, your debtors and your situation like you do. No company or individual will do as good a job or look out for your best interests to eliminate the most debt like you can.

    I can honestly tell you that, had I been initially presented with DebtLessen as a blueprint to follow, I would have saved my earliest client (a close friend) over $5,000 additional dollars.

Don't you also want the INFORMATION LEVERAGE to not only save yourself as much money as possible, but to also help make your debt settlement plan less of a headache and more of a success?

Don't Put It Off Another Day... Get Out of Debt Now!

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UNDERSTANDING CREDIT

If you're still having a hard time accepting bad credit as a "debt elimination cost," I feel that I should use this space to try and get you to accept this fact by re-emphasizing how irrelevant your credit is with regard to getting out of debt. This is necessary to get you to see the light and accept a new credit outlook.

Many debtors, no matter what, are so determined to protect their credit that they will search for a debt remedy that, in order:

  1. Protects their credit, and
  2. Eliminates their debt

If you believe having good credit is more important than eliminating your debt, then you have your priorities in the wrong order and you need to reconsider them -- you're putting the cart before the horse. And you will be wasting your money if you continue to pay your creditors when it is inevitable that you will never get out of debt, or you will not be able to continue paying in the amounts being demanded of you. You will not protect your credit, and you will waste your buying power.

Your first priority should be to get out of debt, then to get back on your feet financially. You cannot do it any other way unless you have a source of financial help. And if you had help, you probably wouldn't be seeking debt assistance at this Website.

In my years of speaking with and helping debt-burdened individuals I have also noticed two obvious but different types of debtors with regard to their feelings about their credit score: savvy and not-so-savvy debtors.

Those individuals with less financial savvy, less education, lower credit scores, and fewer assets, appear more willing to let their credit go delinquent in order to get ahead financially.

Conversely, financially savvy and affluent individuals with higher credit scores and more assets -- who live a more credit-based life -- appear unwilling to make a credit sacrifice. It seems these individuals cannot see beyond being able to acquire more goods; thus, they are often unwilling to take a step back to get three steps ahead financially. They would rather kill themselves just to stay current with their creditors.

In the end, the less-savvy debtor often appears more likely and willing to improve their quality of life with debt negotiation and settlement because they know when to throw in the towel. They only want relief from their debts; thus, they are more willing to eliminate their debt first and then later restore their credit.

The savvier debtor, it appears, believes they're too smart to "let their credit go." They believe they will somehow, someway, someday find an alternative to relieve themselves of their debt and will choose to continue to chug along and keep doing what they've been doing. They're too "intelligent" to do something so detrimental to their lifestyle. They apply more weight to the negative effects of the settlement process as opposed to the positive effects debt freedom brings; therefore, their intelligence sometimes hinders more rational thinking.

Regardless of your current credit status, your credit profile, whether or not you're aware, has already been impacted due to your high debt load. A high debt load creates a high debt-to-income ratio, or DTI. This ratio compares the amount of debt you owe against your income. And right now, your DTI is likely showing that you are an "unworthy" debtor, or, in other words, it's saying that you are not worthy of additional credit because your current income cannot support any additional debt.

Therefore, as long as you own this debt load -- one you can't really afford, and one on which you will be paying forever -- your good credit has no current or future value to you. Your concern about credit is really moot, isn't it? After all, you're trying to get out of debt, right?

"But I Still Don't Want to Damage My Good Credit... "

Again, if this is how you feel, then you, along with the rest of America, need a wake-up call about what debt is really costing you, because too many in this country continue to pay crippling debt in order to protect a credit score or report that has no value to them. Why do they do this? All because of a simple misunderstanding of how credit works -- a misunderstanding that has been perpetuated by all of the players in the credit industry.

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You see, many consumers are unaware that their credit profile takes into consideration factors other than just payment history. In fact, payment history only accounts for 35% of your actual score, while another 30% of your score is attributable to the amounts-owed ratio, which considers the amount of debt you owe in relation to the amount of your total available credit.

Most of you are either maxed out or are close to your available credit limit. This indicates you are overextended, and you're considered by lenders as more likely to make some payments late or not at all. Therefore, 30% of your credit profile is already damaged with a high amounts-owed ratio alone. So it only goes to show that part of having good credit is having less debt.

The remaining 35% of your credit profile is divided between:

  • The length of your credit history, at 15% of your credit profile
  • The amount of new credit, at 10%
  • The types of credit in use, at another 10%

The dichotomy here is that, initially, if you are current with your creditors, your credit score will suffer and decline upon starting your debt settlement plan, due to your pending delinquent payments. However, if your credit is already derogatory, then your credit-worthiness -- your DTI and amounts owed -- will improve over time with the settlement of each credit account, and your overall profile will likely rise.

Each consumer's credit profile considers five different factors. How you handle these factors by rebuilding, nourishing, and repairing your credit moving forward is impossible to say, but if you act appropriately and responsibly, then your overall credit profile should improve over time.

If you want to get out of debt without affecting your credit rating, you are deceiving yourself. Anything you do -- short of receiving a gift to pay off your debt -- will have a negative effect on your credit profile.

Questions You May Need to Ask Yourself

Looking back on my enrollment days, I remember speaking to consumers who were drowning in debt who still balked at enrolling because of the credit drawback. I often asked them four important questions:

  1. What is it you would like to buy in the next couple of years while your credit turns derogatory?

    The answer was usually "nothing in particular." Then I would follow up with, "So what do you need good credit for right now?" Occasionally, I would get the response, "I want another car," or "I eventually want to purchase a house." If so, I would follow up with the next question.
  2. Could you afford to buy that item now or in a few years with your current debt load, and under your current circumstances?

    Their response was always "no." From there, I would say, "What can you afford to buy right now with good credit?" Usually the answer was "nothing." Then I would say, "Then what use is your good credit rating if you can't afford your current debt, additional debt, or a big-ticket debt in the near future?" From there I would try to explain to the debtor that having good credit was really a moot point. Then I would ask:
  3. Why did you call today?

    Most debtors would respond saying, "I was exploring different options to get out of debt." Then, I would say, "good credit only affords you the possibility to get into more debt, right?" The client would often laugh and agree after the light bulb came on in their head. Too many debtors are already thinking about their next purchase -- which they will not be able to afford in the near future -- instead of focusing on debt elimination. Again, you eliminate your debt first and then focus on rebuilding your credit later. If they still balked at the credit issue, I would then ask them this question.
  4. How much would you be willing to pay for good credit?

    With this question, most debtors would pause with confusion while others would think and try to quantify an answer.

    After a short pause, I would then reword this question with a bit more detail. "If I could wave a wand and magically eliminate your $30,000 worth of credit card debt right now, but leave you with damaged -- but not ruined -- credit, would you take this option right now? Or would you choose to stay in debt, making lifelong interest payments to keep an artificially high credit score and "perfect" payment history intact? Most consumers would choose to eliminate their overwhelming debt. But to my amazement, many would still balk at the program.

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Other questions I might ask these doubting debtors -- questions that might be good for you to ponder yourself -- may be: "What is a good credit rating going to do for you now?" or "Would you enjoy a better quality of life debt-free or with a fictionally high credit score that will allow you to buy and save nothing?"

If these questions did not resonate with the debtor, I would lose the battle to the credit industry and their fantastic job of brainwashing the American consumer through misinformation. This brainwashing has consumers so concerned about keeping a good credit report that many will do just about anything -- and I mean anything -- to make their payments on time.

That's exactly what the credit industry sought to accomplish: to scare you into sending your payment each and every month! The industry disseminates so much bad advice -- and disseminates it so that we see it everywhere -- that it's almost inevitable that we end up believing much of it to be true. Advice like, "You won't be able to buy a home once you have bad credit," or, "You won't be able to purchase anything once your credit is ruined."

These things are not true. Do not listen to them!

The credit industry only has its own interests at heart. They couldn't care less about you and your family. They just want you to keep flushing your monthly payments down the toilet by giving it to them.

In addition, the "players" in the credit industry - creditors, collectors, and attorneys, along with the actual credit-reporting agencies -- will routinely do their very best to depress and damage credit scores through inaccurate reporting and recording of information!

This same industry will have you believe that once your credit becomes derogatory that your credit is ruined and you're through. Luckily, nothing could be further from the truth! Your credit report profile, no matter what you do, is never actually ruined. It only gets damaged; and it only stays that way by your choosing. It can easily be improved if you take the proper care to bring it back to good health.

As well, your credit score is constantly changing with the addition and subtraction of new and old information. With derogatory credit, you will simply pay more interest for the things you want to finance until you bring your score up.

How to Improve Your Credit

Everyone's situation is different, but for many, credit scores can be greatly improved in as little as 6-12 months after completion of a debt settlement plan. And for some, improvement can be seen with the passing of each settlement.

The following must happen to rapidly improve your credit profile and score after it has been damaged:

  1. Your credit report needs to contain accurate data. Therefore, credit bureaus need a timely reporting and listing of each settlement account as it is paid off.
  2. Establish a mix of different types of new credit. This means opening up new secured credit card accounts until you can get approved for unsecured accounts.
  3. Re-establish a responsible payback history with your other accounts in order to build good credit.

Then, with each passing month that new and positive information is added to your credit profile, your credit score should climb higher. New information holds more weight with your credit score than your past transgressions. If your most recent activity is positive, then you are in the rebuilding phase.

Additionally, you can exercise credit repair -- either on your own or through a third-party company -- by challenging inaccurate, misleading, or unverifiable and incomplete information from your credit reports.

Credit Repair involves a dispute process with the bureaus, creditors, collection agencies, and courthouses, based on knowledge of the Fair and Accurate Credit Transaction Act of 2003, Fair Credit Reporting Act, the Consumer Credit Reporting Reform Act, the HIPAA, and the Fair Debt Collection Practices Act.

If a competent individual or company practices credit repair, they can be very effective at striking negative information from your credit profile and raising your FICO scores significantly. Information like charge-offs, bankruptcies, judgments, repossessions, foreclosures, collection accounts, student loans, tax liens, and slow pays can all be removed from your credit profile.

A credit repair and rebuilding manual is included in the course as a bonus to help you kick-start your credit into high gear once you've completed your debt elimination plan.

To sum up, what's the value of your credit score? That's your cost in maintaining a high credit score. Good credit does nothing but enable creditors to steal your net worth and cripple your ability to invest in your future. Good credit supports you in betting against yourself and transferring your wealth and potential wealth to creditors.

Therefore, you need to implement a plan to relieve yourself from the chokehold that debt has on you. This plan can be as rudimentary as putting in overtime at work and applying more money toward the principal of your debt each month, selling off valuables or property -- or your plan could be as easy as debt negotiation.

More specifically, you need to decide if you want to create a plan that gives you a future and an enjoyable life that allows you to pay off your debt. The alternative is to choose to float aimlessly down the debt river by making your minimum payments month after month. The easier decision -- yet more painful course of action -- is to float. Continuing to make minimum payments is not a plan, and, in the long run, you may keep a great credit score, but at the cost of your financial future.

The sooner you accept the credit setback as part of the debt elimination process, and the sooner you are willing to follow the instructions in DebtLessen, then the sooner each negotiated settlement will pull you from the clutches of debt and start you on your path to rebuilding good credit.

Don't be hostage to a credit score!

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P.O. Box 355 Fulton, MD 20759, Keith@Debtlessen.net
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