Dorothy Lawrence Discusses Everything You Need To Know About Debt Settlement

If you have incurred significant debt and feel stuck, one of the options to get out of the situation is to go for debt settlement. Settling for less than the amount you owe may seem like a lucrative offer; however, you have to be aware of potential risks and pitfalls. That’s why we are here to share with you the important things Dorothy Lawrence, the owner of the Dorothy Butler Law Firm in Texas, wants you to know about debt settlement. 

Debt Settlement Companies Vs. Lawyers

The first and most important thing you need to think about while deciding to settle your debt is to decide whether you should hire a debt settlement lawyer or rely on debt settlement companies. Debt settlement companies may make you lucrative offers, but you have to stay aware of the pitfall. Dorothy says that it’s better to have a debt settlement lawyer on your side because debt settlement companies are not fully equipped with the ability to handle your debts in a fully efficient way. They are in it just for the money. Additionally, they will cost you more and will ask you for a fixed fee along with a percentage of what you owe the creditors. The problem is that your payments will go to the company instead of your creditor, which may lead to you defaulting on your debts. Debt settlement companies will offer you unrealistic solutions, while a debt settlement attorney will give you only realistic expectations. 

How to Choose the Right Debt Settlement Lawyer?

Dorothy recommends going for a debt settlement lawyer who is fully capable of analyzing your creditors, your debts, income, and expenses in detail. Your debt settlement lawyer must be capable of giving you a realistic way out and ensuring that you don’t suffer too much economically while repaying your creditors. A lawyer may also recommend you declare bankruptcy if that’s in your best interest. 

The Downside of Debt Settlement

  • It’s important to know that debt settlement will stay on your credit report as “settled in full” for seven years. This will affect your credit score. 
  • Settlement fees may cost you more as compared to going for debt relief options. 
  • You may be required to pay tax on the forgiven amount.
  • Negotiations may fail. 
  • There is a possibility that you may end up with more debt. 
  • You will be required to pay the fees even if your debt isn’t settled. 
  • Debt settlement will affect your credit score negatively. 

Should I Settle My Own Debt?

While you certainly can settle your debts on your own, it doesn’t mean you should. Debt settlement is incredibly complicated, and it’s better to have a professional lawyer on your side. However, if you have done your research and are confident that you can do it on your own, you can. Dorothy believes that DIY debt settlement is a better option as opposed to relying on debt settlement companies who make unrealistic promises and underdeliver. 

If you want to try DIY debt settlement, make sure you are fully aware of the basics. You should be aware of all the terms and terminologies and know all the legal aspects of debt settlement. You should also be very good at tactical negating. If your negotiating skills are weak, Dorothy states you should definitely not try to settle your own debts. 

 Here are the steps you should follow if you want to settle your debts on your own. 

  1. Do your research and make sure you are fully aware of all the technical and legal aspects of debt settlement. 
  2. Analyze your situation, such as how much you owe. What types of debts do you have? Who are your creditors, etc.
  3. Learn how to negotiate and practice negotiating. 
  4. Negotiate with your creditor or debt collector.
  5. Put everything in writing. 
  6. Pay the money.
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