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How To Raise Money For A Debt Settlement Negotiation

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Originally Posted On: How To Raise Money For A Debt Settlement Negotiation (


So you have been following Settled. and discovered how to negotiate with debt collectors and think negotiating a debt settlement is the way to go.

Only one problem – you want to make a debt settlement offer to your creditors but your bank account is literally zero! How can you get the money together to negotiate a debt settlement that has a chance of being accepted?

Negotiating with debt collectors can be tough, so knowing you have the cash ready go can help put the debt negotiation in your favour. Here are some ideas on how you can raise money to make this happen!


1. Sell unnecessary items

You have all heard the saying. One man’s trash is another man’s treasure. If you look hard enough, you will find plenty of household items that you no longer use or need. Gather them all together and come up with a game plan to sell them. Gone are the days of having to have a garage sale or head to the local market. You have so many digital channels to sell items as well as low cost deliver services that you can do it all from the comfort of your bed! From social media, to local online markets or the large multinational e-commerce platforms, if you price the item right you will be able to sell it and raise some money fairly quickly.


2. Start a side hustle

You read and hear about this one a lot. The truth is, you don’t have to create the next Apple or Snapchat. It can be as simple as working our what you are good at, what you are passionate about and advertising your services. There are platforms like Upwork & Freelancer where you can register and start bidding on jobs – graphic design, administration tasks, market research, SEO and social media marketing – there are thousands of different skills in demand. Making $50 here and $100 there will quickly add up to a decent amount of money you can put towards a debt settlement negotiation.


3. Ask For Help

This may not be comfortable, but if you can have the courage to ask family or even friends to help you then it can be a great solution. Think of it this way, instead of paying off your debt over 5 years with a 20% interest rate, you may be able to borrow half of the amount from family, settle your debt with a 50% discount and then pay your family back over time with no interest and no collection calls.

Another options is to see if your employer is willing to pay you in advance or cash out some of your annual leave entitlements. They may even agree to give you some paid overtime. All of these things will put extra cash in your pocket to get your debt settlement kitty ready.


4. Create a bare bones budget

This one sounds boring, but its a winner. You have to understand where you are spending your money and where you can cut back on some expenses. One less coffee, one less beer – these small amounts add up to be a decent amount you can add to your debt settlement kitty.

Take the time to review your bank statements and look for any automatic payments coming our for subscriptions you don’t use. Put a stop to all that leakage that provides you no value. You can find hundred’s of dollars a week if you are thorough and make some tough spending decisions.


Key Takeaways

Even if you don’t have the money now, there are definitely ways to get the money together. You can even get the debt settlement amount agreed upfront with your bank or debt collector with an agreed payment deadline and then use that settlement agreement as evidence to get the support of family or friends.

Negotiating with debt collectors doesn’t need to be hard. Settled can help you unlock the vault on debt negotiation. Our information guide will teach you how to negotiate with debt collectors and we offer a digital tool to help you create a debt settlement negotiation letter. For more ideas and tips, register with Settled and unlock the vault on debt negotiation.

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