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Here are things to consider during debt settlement negotiations:
- The circumstances causing the debtor to default on their obligation
- An appropriate opening lump sum offer and your bottom line number
- The broader terms and conditions of the settlement agreement
- What paperwork you should have the debtor sign after a successful negotiation
Negotiation strategy may be different for each debtor you deal with. Rather than stress and guess, join LegalShield and a provider lawyer can advise you on the best course of action and help you with the debt negotiation process.
What Terms Should You Consider During the Settlement Process?
There are several factors to weigh when you’re considering settlement to determine the financial amounts and other terms upon which you’re willing to settle.
- Does the debtor owe you for a physical product or for services rendered?
- Have you fully or only partially delivered under the terms of your agreement?
- What were the hard or actual costs to deliver the product or service?
- What is the nature of your relationship with the debtor? Do you want it to continue?
Consulting with a lawyer experienced in debt negotiation is a great way to define what would be an acceptable settlement. Also, with a LegalShield membership, you can have your provider debt negotiation lawyer help you draft the appropriate settlement paperwork.