Can I negotiate a lower interest rate as part of a debt settlement?

Yes, you can negotiate a lower interest rate as part of a debt settlement in California. In fact, debt settlement is a process of trying to get creditors to accept a reduced amount of money to settle the debt. As part of that process, many times creditors are willing to lower the interest rate on the debt, or to drop it altogether. The debt settlement process can be done on your own, or you may hire a qualified debt settlement company or attorney to negotiate on your behalf. During the process, you can make an offer to pay a certain amount of money with the goal of having the creditor substantially reduce the amount you owe, including the interest rate. If the creditor agrees to the proposed reduced amount of money, they will typically lower the interest rate in order to make the repayment more palatable. Keep in mind that creditors must agree with the proposed amount, and they are not obligated to accept the terms of the settlement. If the creditor agrees to lower the interest rate, they will provide written confirmation of the agreement. Be sure to keep the agreement in a safe place, as it serves as evidence and proof of the debt settlement.

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Can I negotiate a lower interest rate as part of a debt settlement?

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