In case a person has taken some money in the form of debt from the creditor then the same can be repaid either in full at the very first go itself or else fixed amount monthly installments as a new payment mode. It is a kind of new settlement procedure where in both the debtors as well as the creditors are happy in their own ways. It is always beneficial and important to let the creditor know that at some point of time the debtor will definitely make the payment and hence there is no need to harass him/her for any of the reasons.
This harassment could be in the form of undue phone calls or mails being sent to the email id and spammed due to no reasons. In such cases, the debtor is supposed to deposit the so called amount in the desired bank account opened by the experts under their proper guidance and consultation for the future benefit of the parties involved.
Performance Settlement and the art of negotiation to save bad debts
Once the debt experts or associated people come to know that the debtor is in the process of arranging the money and making the final payment, they will negotiate with the creditor on the basis of the same. They will let him to look for new payment terms which might be easier and more comfortable for the debtor as well. This way the debtor would be in a position to repay the debts very soon.
Technically, all this happens when the situation of bad debt arises, which is generally after a certain period of time. Hence, such time period must be given and waiting till that period becomes essential. Once the debtor has taken the following steps, now it is the turn of the creditors to satisfy their urge and investigate the case. Their job is to find out the relationship of the debtor with the other creditors and whether the payment has been made to them on time or not.
This way the creditors can send an offer for settlement which must be pre written. This settlement agreement needs to be approved by the debtor and the further process must be carried by the debt relief company on the behalf of the debtor. They are the people who know how to proceed with the agreement and bring it to some conclusion or some sort of settlement.
Tenure of Debt Settlement Process
Generally, it is seen that the debt settlement process is carried out till the time all the payments have been made in full. No amount is due at the end of the debtor towards the creditor and all the financial obligations have been served positively. Performance Settlement and the experts at the debt relief company are always in the process of negotiating with the creditors and fixing the best payment price.
These Performance Settlement experts provide free consultations to the debtors at the very first stage. Once the debtor feels obliged to them, they start charging their fees and this way help settle the payment by encouraging more of the debtors to get in touch with them and take their services.