Before negotiating on your delinquent credit card accounts, there are a few facts you should know about. These facts will give you peace of mind and will let you know what to expect before negotiating on your debt.

Many people claim it is the debt relief programs they join that are at fault for their pain and suffering, in some cases it is true. What most people do not understand, it is their own responsibility to settle their accounts. I will explain what I mean in detail. When a person wants to negotiate or settle an account he/she is already delinquent on, what is most needed to settle such an account? MONEY!

That is right, money must come along sooner than later to be able to negotiate on a delinquent account. First of all people get in credit card debt because they have no money. If they had money in the first place they would buy everything they needed with cash. If you have no money, do not buy things you do not need. If you live by this rule it would be highly unlikely that you will end up in credit card debt. Lets assume you have delinquent credit accounts and you want to negotiate settlements on them, here is what you must be aware of:

1. Find an affordable agency to help you out. Find an agency that does not charge outrageous fees. Remember you are already in debt, some agencies will only get you deeper in debt. Find an agency with no retainer fees, monthly maintenance fees, or high commission rates. Shop around, do not join the first agency you speak with. Widen your horizons, do your homework, expensive does not always mean the best in the debt settlement industry.

2. Stay away from agencies that promise you the world. In the debt settlement industry there is nothing for certain. Do not let an agency tell you they can save you so much, that is a lie, not every person receives the same treatment from creditors or collection agencies. Discounts are given on a case by case scenario. Beware of false promises.

3. Do not ever under the advise of any agency stop making your payments. Whatever loan you are making payments on, it is illegal for anyone to suggest to you to stop making payments on it. If this advise is given, beware of the agency. This is only going to get you into more debt. Even though payments are not made, interests rates will go up, late fees and other charges will still continue to accumulate.

4. Do not send any agent any money unless you are absolutely sure they have a settlement letter in writing for you. Here is where the trust factor comes into play. If you have joined an agency after you have read all the advise given before, then you must trust your debt relief agency. Keep this in mind, most agencies will not forward a settlement letter to you unless the commission money has been paid to them. If you pay the commission money to your agent demand they fax a copy of settlement letter right away.

5. Most people fail to settle their accounts, why? Lack of money! Do not believe you have 24 or 36 months to settle your accounts. I have seen people get sued only after a few months of delinquency. That is a fact. Most agencies will lie about this fact. Be very careful, some people do get sued, have their wages garnished, leans on their properties, etc.. There must be money to settle your accounts somewhere along the road. The best time to settle your accounts could be around the sixth month of delinquency. Will you have the money then to settle on all your accounts let alone one account? In most cases I do not think so. By now you know why I told you before there is no one else to blame but yourself for the troubles you have brought upon yourself if you have stopped making your credit card payments, it is not your agencies fault, it is the lack of funds to settle with that is doing the number.

6. Let us say you do have funds to settle with. Great. Bad news is not all credit companies or lenders settle. Do not let your agency of choice tell you because you have funds to settle with you are going to come out smelling like a rose. That is a lie. Yes, you will probably settle many of your accounts, reach payment plans on others, the likely hood of getting sued will diminish. It does not mean because you have money to settle with you are going to get everything you want. That is why it is called Debt Negotiation, because that is exactly what it is, a compromise, two sides have to agree, or come to a common ground and then settle. Debt settlement in most cases is not a complicated process, but some negotiations take more time than others even if there are funds available to settle with.

7. After all this you are wondering if it is really worth it to have an agency negotiate on your behalf. I say you can negotiate for yourself. My question is, do you have the know how, the contacts, the experience or the time to do it on your own? If you answer yes to all these questions, then my answer is, in the form of a question, why are you in debt in the first place? Most people think they can negotiate on their own, some can to a certain extent, but remember what I asked before, are you really ready for it?

8. Promises, false promises. No agency can keep your creditors off your back 100%. Big lie, people are told this as a hook to join an expensive debt settlement program. We will handle all your creditor calls, big lie. 80% of the time your calls are not followed up on. We contact every creditor once you join our program, big lie. If that was done then you would probably have to settle your accounts all at once. We can save you 80% off your total deb, big lie. I have been in this business for many years, no one knows how much they can save anyone at a specific time, all we can go on are averages of many negotiations with the same company. You will not get sued, our program will allow you 36 months to settle your accounts, big lie. No one knows have much time before legal action is taken, any time you decide to stop paying your creditors you are rolling the dice on legal action. We will refer you to legal council if you get sued, big lie. You will get sent to your local court house to file a legal answer.

9. Be careful of all promises and lies, there are more but I can continue writing forever, just do your homework, stay away from fancy agencies that promise you the world. If I were in debt I would rather hear the truth, would¨t you?