You can make a good career in debt settlement if you are knowledgeable about the process, its implications, the risks involved and other factors. Debt settlement is ideally a process followed by people who find a particular debt to be unmanageable. In order to pay it off and avoid the calls from collections, such people look to reduce their outstanding loan amount and in most cases pay it off in a one-time lump sum payment. The remaining part of the debt is usually forgiven.

However, debt settlement can be effective and fruitful if help from professional and expert debt settlement companies are availed. Since there are a large number of people wanting to settle their debts, the demand for such debt settlement companies and individuals are ever increasing. In order to make it big in this arena and make a successful career, there are a few things that you should keep in mind.

The requirements

You will need to have a few specific traits in order to make it big in this sector. Apart from the basic requirements of certification, you must also have:

• Strong knowledge of debt settlement rules and process
• Knowhow about the ways to start and end a productive negotiation
• Excellent communication skill along with a strong presence and authority
• A passion for the job and not give up until the desired result or agreement is reached.

It is also required that you have a good attitude and a humble nature as these attributes will take you to new heights if you choose debt settlement as your career. You must also follow the rules and guidelines to ensure fair practice and not charge your customers before providing them with the service required, though this is a common practice in this field.

Benefits and reasons

There are lots of reasons to take up debt settlement as your career. You will enjoy a lot of benefits as well as irrespective of the fact that you work solo or for an established debt settlement company. However, the benefits offered by a company are more and therefore you are advised to research well and then make an informed decision.

• Growing sector – The demand for debt settlement companies is growing at a very rapid pace and therefore it has a lot of scope and opportunities for if you take it as your career. You will have lots of cases to deal with and sometimes multiples at it in hand at a given time.
• Work from home – If you want to start your own business as a debt settlement manager or advisor, you do not need to invest in an office set up and other items at the initial stage. You can work from home if you want to do your own freelance business as a debt manager. Moreover, there are lots of established debt settlement companies who outsource their projects and offer you the job for negotiating debts on their behalf. In fact, there are several debt settlement law firms that offer great deals to a third party negotiator.
• Hired by companies – There are several debt settlement companies who hire agents for recovery as well as negotiation of debts on their behalf. This will once again keep your hands full.
• Education and experience – Ideally, you do not need any formal education to become a debt settlement agent. You will simply have to own some definite skills. However, if you have a little bit of sales experience it might provide you with a job in the experienced positions.
• Certification – You will need to carry proper certificates and license for settling debts on your own or on behalf of a debt settlement company. However, this requirement may vary from one state to another as well as from one company to another company. In some states, the debt negotiator must hold a special license as well. Therefore, know about your state requirements first to be sure.
• Training – There are a few debt settlement companies that provide adequate and proper training to their new members and recruits when they join them as a debt negotiator. Such training will hone your negotiation and convincing skills even further. From time to time you must go through debt settlement reviews and other information so that you hone your negotiation skill more.
• Compensation – The compensation in this specific sector can be really high. However, it will depend on the method of your pay. Usually, you will get a percentage of the flat fees that the company may charge from their clients. If you work directly for an individual client you may even charge a percentage of the total amount saved from the existing amount of the loan. Moreover, if you work from home, a credit company or a bank may ask you to recover debts on their behalf and pay you a commission based on the total amount recovered.
• Legal regulations: There are lots of rules and regulations to follow as per the law regarding debt settlement. Therefore, when you choose this as your career you will need to know about these and make sure that you abide by the same while settling the debts.
• Debt satisfied status: You will be able to provide your clients with an opportunity to borrow from other creditors in the future even if the amount is not paid in full after the negotiation. With the ‘debt satisfied status’ in the credit report, your clients can enjoy this benefit even if they pay less than the amount that they owe to the creditors.

Therefore, if you are passionate about providing such respite to other individuals then settling debts on behalf of banks or the credit companies is just the right job for you. All you need to do to settle your career in this sector is to brush up your negotiating and communicating skills and start earning from your home.

If you can prove your mettle, you can expect to be hired on high salary and perks by one of the several debts settlement companies.