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hi there Michael Bovee with deaf bytes thanks for tuning into our youtube channel today I want to talk about how to screw up your debt settlement there are some pretty common things that happen when people try and do their own debt negotiation which we cover at length here on our youtube channel and on our website but you can get in your own way here are some of those ways you have unrealistic expectations in other words you're reading online and/or you assume that because a debt collector has your account and you haven't paid it in two years it's not worth the 10,000 that you owe that you should be able to settle it for 800 for a thousand the fact is the vast majority of debts do not settle for pennies on the dollar the older they get you have a better shot at getting a better outcome but certainly not on the order of eight cents 10 cents 12 or even 15 cents on the dollar depending on your circumstances you're not going to be able to settle your debt for less than half of what you owe and there are certain circumstances where you won't even be able to get that so it's a little more nuance to than just thinking that oh hey man something's got to be better than nothing after all this time nobody's been paid on this day the unrealistic expectations can extend to how you negotiate in to the extent that you think that sending a letter off with an offer is going to get them to respond actually more often than not sending in a letter to make an offer is the absolute wrong way to do it you might have an expectation that the debt collector you're going to be speaking with is going to be eager to resolve your debt in one phone call it's actually a process it could take many phone calls in fact debt settlement or negotiating with a debt collector is sometimes depending on who you're dealing with a battle of attrition you're not going to get to the best outcome until the six or seventh call so unrealistic expectations is one way to get in your own way number two is your timings off and more often than not this is early not late what I mean by this is that negotiating debt requires you to be late you have to be late trying to reach out to your creditor say chase and say hey look I'm hot pay you next week when I owe you how about you take less isn't going to result in anything other than sorry no and you're actually gonna have to be really late with your debt not just a week not just a month not just even sometimes three or four months in order to get to the most optimal savings or the best outcome for yourself on a per creditor basis it's a...