After suffering from a poor credit report for years, Mark Clayborne went on a mission to study everything he could on restoring his credit. Concluding the extensive research, he repaired his credit report and learned various hidden secrets on how to improve a bad credit file. Because of this new found tested knowledge, Mr. Clayborne helped over a hundred consumers repair their credit and take their financial life back. Now, he wants to share these strategies with the world and as a result HIDDEN CREDIT REPAIR SECRETS was created which has sold over 1000 copies as of today. Mark is a certified credit consultant with over 100 articles written in the area of credit repair and a successful radio show titled “Who Else Wants Better Credit”, which is aired on Blog Talk Radio every Tuesday & Thursday at 7:30PM-PST. Mark educates his customers through articles, videos, his blog and various credit repair kits. He graduated from Virginia Commonwealth University with a Bachelor's Degree in Criminal Justice. He also holds a paralegal diploma. He currently lives in sunny California with a beautiful wife and lovely daughter.

1. Hiddencreditrepairsecrets.com
Presents
Settlement Negotiations - How to Settle
Your Debt

2. Winning a debt settlement negotiation
is about knowledge and skill. If you
know what to say and how to say it, you
can get any creditor or collection
agency to cut your delinquent bill or
bills in half. Before you contact the
creditor, know how you want to
negotiate your credit rating, what
should be in the agreement, how you
should pay them, what happens if you
default on the agreement, how to stop
the lender if they try to collect the
dif ference, and how is the IRS
involved.

3. Settlement negotiations - How do I
negotiate my credit rating?
For exchange of your payment, ask the
creditor to delete the negative item on
your report. If you can't get a deletion,
go for a paid as agreed, current
account or unrated status. Avoid
negative listings like account closed,
paid, paid charge of f, settled or
repossession. In addition, you want
paid in full with no further collection on
this account indicated in your
agreement. If the creditor does not
agree with any of your requests, don't
pay them.

4. Settlement negotiations - What should I
include in the agreement?
First, have a lawyer review your agreement, and
make sure all of your terms are in the
agreement before sending any money. You can
draw up the settlement or wait for the creditor
to send it to you. Send your agreement out and
wait for the lender or collection agency to sign
it before sending it back. Ask the financial
institution to send the agreement by fax
followed by a letter.

5. Settlement negotiations - What about paying
them?
Once the lender signs the agreement, you
can send the payment with a copy of the
settlement agreement by a wire transfer,
quick collect, overnight mail or Fed Ex.
Please do not use a check because the
creditor will obtain your checking
information and start taking out payments.
Instead, use a cashier's check, money order,
or a prepaid credit card with the exact
amount. Make sure you keep and store your
receipts in a safe place.

6. Settlement negotiations - What if I
don't keep my agreement? What can
happen?
If you don't meet your obligation, the
creditor will reinstate your original
terms and add late fees and over the
limit fees. In addition, your interest
rates will go up and you can possibly
even be sued.

7. Settlement negotiations - What if they
try to collect the dif ference in my
settlement?
In some states, these actions are illegal, and
you will have to write the creditor and let them
know that. Other states allow collectors to come
after you for the dif ference. If this is the case,
you will find that the creditor has written or
stamped the words "under protest" or "without
prejudice" on your check.

8. Settlement negotiations - How is the IRS
involved in the debt settlement?
When a creditor settles a debt for less than
what's owed, they have forgiven the dif ference
on what you owed. The creditor must report any
monies forgiven over $600 to the IRS for tax
purposes. The creditor will also send you a
1099-c indicating the amount you saved in the
settlement. Because you got a deal, the IRS
considers the money as a gain to you and
therefore, income. By law, you are required to
pay taxes on this gain.

9. Concluding, always stay in control when it
comes to negotiations, so that you can
achieve your ultimate goal, which is
protecting your credit rating and saving
money. Now that you are empowered with
more information, go out there, and take
action.

10. If you are ready to say goodbye to
credit rejection and debt collectors,
visit hiddencreditrepairsecrets.com
and sign up for the Free 8-Day E-Credit
Repair Course, and claim your Free
Gift-60 minute Podcast on Rebuilding
Your Credit
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