I Heard We Can Negotiate Our Debts for Free Without Paying Anybody


Dear Steve,

My partners and I became very upside down when we did an investment property.

One of the partners has had to file bankruptcy.

The other put some of the debt on his home and still has some outstanding accounts.

We are just deciding what the next steps are to take to get out of the situation and improve the credit scores and a better debt-to-income ratio.

We need to know ways to negotiate when offering settlement amounts to the outstanding accounts and which accounts should be paid off to get the process going.

What is your cost to help?



Dear Thora,

First, I don’t sell any products or services, so I don’t charge any fees.

You can attempt to negotiate with your creditors yourself and not hire anyone to help.

However, the critical skill is not talking to the creditors but knowing when to speak, who to talk to, and when to begin negotiations.

There are some general rules of thumb to start to help educate you:

I’m not confident you are asking the right question. However, before you determine the right solution to utilize in your unique situation, you first need a broader look at the financial crisis.

Sometimes it makes sense to settle one debt as opposed to another. Or to play defense on two debts but be more active with another.

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Those inside baseball bits of information are learned from experience. And you don’t have the experience to know what creditors are doing today and who to contact.

Let’s Get Back to the Do It Yourself Belief

Both positions on the DIY argument are correct. You can probably mow your lawn yourself. But if I asked you to go out and perform the right kind of pre-golf tournament lawn care on a championship course, you probably wouldn’t know what to do. I know I wouldn’t.

What Complicates Your Situation

Sometimes it can be tough enough to deal with one person’s debts, but in your situation, you have multiple people and multiple personal situations to try to work out a solution.

So, Do What Makes Sense for You

Don’t let anyone push you into anything that sounds magical or is a one-size-fits-all solution. Your situation is complex, complicated, and needs to be first reviewed from a 30,000-foot altitude before you even begin to think about what solution is best for you.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

Steve Rhode

3 thoughts on “I Heard We Can Negotiate Our Debts for Free Without Paying Anybody”

  1. Yes, generally speaking, any debt that can be negotiated through a professional negotiator or lawyer can be negotiated by the debtors themselves. The perceived advantage would be to avoid the fees commensurate with obtaining professional assistance. However, the risk is that the debtor may negotiate a much higher settlement than the professional would and/or the debtor discloses information that will be used against them by the creditor. Oftentimes, the cost of retaining professional assistance will be largely offset by the amount of (additional) savings achieved through such negotiations (presuming that the company hired is reputable).

    Lastly, if the debtor’s negotiations do not culminate an a settlement, it can be very challenging for a professional negotiator to come into the picture and retract any offers or other potentially counterproductive information that was previously shared by the debtor with the collector.

    ***Not legal advice. Consult with local counsel to understand your rights/remedies.


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