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Debt Settlement
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[K]nown as Debt Negotiation, Debt Settlement is an aggressive approach to debt reduction, which is appropriate for debtors with a serious amount of debt or who are considering bankruptcy. A debt settlement agency negotiates with the creditors to settle the debt for a lower amount than owed, as the debtor saves their money for a lump-sum settlement payment. After the debt is settled, the creditor will send a letter stating the debt obligation was fulfilled, and will report to the credit bureaus that the debt has been, "Paid", "Settled" or "Settled for less than full amount".
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Incredible Savings — Most Debt Settlement Companies will charge fees ranging anywhere from $3,000 to $10,000 or more (usually around 15% of your total debt or more) to do a job that you could easily do for yourself. That's money that should be going toward getting out of debt!
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The majority of unsecured types of debt can be settled in the right situations. An unsecured debt would mean there was no collateral needed to get the loan, such as credit cards or service bills. Some examples of secured debts would include things like a mortgage or car loans, which would be used as collateral/security.
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A debt settlement lawyer ... provides valuable information regarding debt consolidation, and basically everything you need to begin your road to a fresh new life. Debt Reduction Law Center is also a member of the Better Business Bureau.
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Thanks for all the blog comments and emails about Debt Settlement 101 for mortgage brokers. For those who would like more information, feel free to call either Chris Beauchamp or Joey Liner at DoublePositive — 410-332-0464. Thanks for your interest.
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For the majority of the debt settlement services Clear Start can provide a no-fees solution either internally through the insolvency department or through one of the preferred partners. There are ... preferred partners who offer a professional paid service for a relatively low fee.
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Debt Settlement