Getting out of debt is undoubtedly the hardest thing that you will ever encounter. The road towards debt freedom is filled with frustrations, discouragements and temptations. Having to squeeze all your expenses to fit your limited budget is no easy feat and this is why a lot of people opt to hire a debt professional to help in their debt relief efforts. Of course, professional help entails service fees and if you are worried about your limited resources, it is logical for you to want to fix things on your own.

Do-it-yourself debt relief is not unheard of and believe it or not, people have been successful in accomplishing financial freedom on their own. While this may be harder in debt negotiation, there are three important practices that you can follow to make success more assured.

First of all, you need to do your research and create your plan of attack. The benefit of having a professional work with you is their expertise and knowledge of the whole debt negotiation transaction. If you want to work without them, then you need to supply yourself with these traits. What you lack in experience can be compensated by adequate knowledge of what you should do while negotiating with your creditors. Even if your debt had been passed on to a collector, it can be very intimidating to deal with them.

Read about the Fair Debt Collection Practices Act (FDCPA) to know if the collectors are becoming abusive. You should be able to identify if they are bluffing or not - otherwise, you may be tricked into paying off your debt even when you cannot afford it.

With the research that you made, create a plan that will help you deal with your debts. Analyze your current financial standing to see how much debt payment you can afford. Once you have that, you can face your creditors without fear and answer their questions about your credit account.

The next tip that we will give you is to be consistent and patient as you talk to creditors and collectors. No matter what they say, they do not have the power to put you to jail or to take all your possessions if you do not pay off what you owe. If you owe a secure loan, then they only have liens on the collateral associated with that.

In debt negotiation, time is on your side. In this form of debt relief, you stop paying your creditors intentionally and you put aside the money in secret to grow your debt settlement fund. The longer you drag the negotiation process, the more desperate the creditors will be to get you to pay them off. At this point, they have no idea of the fund you are growing and you have to keep it that way until the right moment. Let them know that you have no funds and most of your income is going to your basic expenses. If they threaten you with a lawsuit, mention bankruptcy too. Most of them are scared of the bankruptcy process - especially credit card companies because they are the least of the priorities and could end up with nothing after the court ruling.

The third and last tip is to put everything that you have agreed in writing. Even if they verbally agreed to accept your settlement fund and forgive the rest of the debt after that payment, make sure you hold a signed copy of that agreement. Never send any payment before that. Keep a record of every conversation (phone or written) and note who you spoke to, what was discussed and the date of the communication.

Author's Bio: 

Click Here to find out how you can facilitate your own debt negotiation with creditors. National Debt Relief is a professional debt settlement company specializing in negotiating the reduction of your debts.