I Fired My Debt Management Company And Now I’m Going to Settle My Own Debt. Should I Hire a Lawyer? – Jannelle


“Dear Steve,

I have dropped my debt management company and am trying to negotiate with Chase and HSBC. I’ve composed a letter to them offering 40% of the balance owed. Am I better off hiring a lawyer to send this letter, or should I send it on my own?


Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Dear Jannelle,

That’s a really good question. The answer isn’t quite as clear cut as you’d hope.

Typically the best settlement offers are going to come after being 90 days delinquent. Doing that will trash your credit and lead to a lot of collection pressure. Most people can’t make it through those stressful and tough times and risk getting sued just to get a good settlement offer.

Hiring a local attorney to do this for you has some advantages. Most of all it is a third party and that person is not emotionally attached to the debt and can’t be manipulated as easily as you can. That’s not a reflection about you, but a fact that you are easier to scare and lie to in order to manipulate, than a professional third party.

As far as sending the debt settlement letter, see this post about a sample debt settlement letter, “I’ve Had Problems Working With a Debt Settlement Company and I’m Looking for a Sample Debt Settlement Letter. – Kerry.”

If you could find a professional debt settlement company that would represent you for less than $500 and agree to refund your fees if they were not successful in obtaining the desired result, that may be an option as well.

Follow Me
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
Steve Rhode
Follow Me
Latest posts by Steve Rhode (see all)

Comments are closed.