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It’s pretty lucrative
Think about it; how many people do you know that have had to negotiate their debt with their creditors or even file bankruptcy due to excessive and unmanageable debt? With the economy being as it is, more and more people are unable to pay back their debts. This means that you already have a ready client-base if you are thinking about going into debt settlement as a career.
Debt settlement negotiators are in high demand by both independent consumers and credit facilities as both parties try to find the best way to settle debt balances. This means you can open your own firm or join an already existing one, and you are sure to be busy from day one.
What do you need?
As far as academics go, you should have at least completed a course in credit and debt collection. Further training in financial management will be an added advantage along with knowledge in accounting. These will help you understand the financial jargon and walk your client through it properly.
You also need to have great communication skills and interpersonal skills. You will spend most of your time talking to people and you need to be able to do that effectively and convincingly to get the best settlement for your client. You need to be good at making presentations in a clear and concise manner and some customer relations; PR and marketing skills could certainly come in handy when dealing with both the client and the creditor.
To affirm your credibility further, look for accreditation as a professional from the state. There are many scammers out there claiming to be debt negotiators so you need to have proof that you are not one of them. If you are looking to join an established company to gain some experience, take a look at what the debt settlement reviews say about them, and find out if they are officially registered and affiliated to professional debt negotiating organizations. You don’t want your name attached to a company with a bad reputation.
Make sure to stay on top of what is happening in the economy and on how that can affect your negotiations. Read up on your local and global financial news and see how you can use any of this information to negotiate a better deal for your client.
What’s the pay like?
As a debt negotiator, you get payments on commission basis, which is usually pretty good depending on the company and the number of clients you bring in. Do not make the assumption that people in a debt crisis will come looking for you, you may need to go out there and market your company in order to get that commission.
And the workload?
Debt negotiating is quite intense. There are many emotions involved, especially from the client, and the creditors may be particularly difficult when they know they are dealing with a professional. This means you will have to learn how to remain calm as well as focused on the process and the end goal. You need to know how to work under pressure even when everyone else is going crazy.