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The DOs and DONT's of Debt Settlement

The 'Do's'

1. Stay in regular communication with the creditor or collector.

2. Take detailed notes of everything you do regarding trying to settle, especially notes of phone calls.

3. Mail everything via certified mail, return receipt requested, and keep the green card receipt.

4. Become acquainted with your rights under the Texas and Federal Fair Debt Collection Practices Acts.

5. Run away from a debt settlement professional who guarantees results (see our article on Debt Collection Charlatans. They can’t. Every case is different and the professional can only guarantee effort.

6. Demand a customer service guarantee with respect to how quickly your phone calls and emails will be returned.


The 'Don’ts'

1. Allow anyone access to your bank account, even if it is supposed to get you a good discount.

2. Make any payments without having your agreement in writing.

3. Expect the creditor or collector to remove something from your credit report. They are allowed to report things accurately, even if it means reporting that you were behind at one point

4. Start settling your debts until you have written a plan that includes your monthly take home income, your budget, and how much you can afford to spend monthly to settle your debts.



Read the other articles from our Debt Settlement Primer


1. Debt Settlement Primer
2. Step-­by-­step timeline
3. Beware of the charlatans
4. Costs
5. Interchangeability of terms
6. Do’s and Don'ts



Click this link to download the Texas Debt Settlement Primer (PDF)


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