When people are knee deep in debt,one of the ways to dig themselves out from the hardship is through debt settlement. It is a negotiation process where the debtors deal with their creditors to request for debt reduction since they can’t afford to pay their outstanding in full. The creditors on the other hand do assessment on their debtors’ financial position and decide whether they agree to accept the debtors’ offer.-
For people who intend to negotiate with their creditors to overcome their debt issues,they have the choice to decide which way they prefer to communicate with their creditors or debt collection agencies. There is no such thing that which way works better. The differences are on the debtors’ negotiation skills and their strategies used. If the debtors are poor in their writing skills,producing effective settlement letters will be hard for them. They won’t be able to come out with the precise points to convince their creditors to accept their proposals. However,they are good at bargaining with their creditors verbally. They know what exactly they want to say and how to convey their messages clearly. If this is the case,it will be easier for them to deal with creditors directly through phone calls or face to face interaction.
On the other hand,it is quite difficult for some people who are poor in interpersonal skill. They are better in writing. They prefer not to deal with their creditors directly. In their point of view,sending and receiving letters are easier ways for them to bargain with creditors to request for debt reduction. If this is the case,non verbal communication will be a better choice. In general,this type of communication works best for people who are emotional and moody. They can avoid themselves from expressing their views with anger and frustration.
In conclusion,if you are planning to settle your debt on your own,find out your strengths first. Then decide which type of communication you are more comfortable with before dealing with your creditors.