However, you need to realize that the success of your program relies mostly on the creditor/collector. Despite your best efforts, they may not be willing to reduce your
debt. Because of this, you need to be open minded about hiring a debt settlement professional to help you out.
Here are the signs that your DIY debt settlement efforts are not working and you need to start looking for an expert before you continue.
One of the obvious reasons to hire a professional is when you cannot understand how the whole process works. If you have tried to communicate with your creditors/collectors and you seem to be getting nowhere, then it may be best to get someone who knows how it should all go. Try not to dive into this alone if you do not know how to stay afloat. You could end up drowning in your debt as it increases due to late penalty charges (as you will default on payments after all).
In a DIY settlement program, you will try to cut back on your expenses or grow your income in order to grow your disposable fund. This fund is what you will save and grow as the settlement fund that will be offered to your creditor. If this amount is not sufficient, then you may want to ask the help of a debt relief expert. They may be able to point out expenses that you do not really need or they can help negotiate for a hefty reduction on your debts.
If you find that doing your own debt negotiation is stressful, you can unload it to someone who is not emotionally attached to your financial situation. One of the service that will be provided to you by debt settlement companies is taking over collection calls. Relieve yourself of the stress so you can concentrate on growing your settlement fund. If anything, they can help urge you forward even if the creditor gives you NO as their first answer (something that is not unlikely to happen).
Debt settlement is one of the best debt relief options for people with a high debt to income ratio. While it is possible to do this on your own, you should definitely heed the signs indicating that you need professional help. If you wish to try out a debt settlement company, get to know National Debt Relief. The first consultation is free so you have nothing to lose when you call them.