Avoid Filing Bankruptcy

Debt settlement offers consumers the least expensive and fastest ways to get out of credit card debt. Often referred to as debt negotiation or debt arbitration, debt settlement is a proactive approach to debt relief. It is a debt relief strategy that is best suited for individuals that have income but have fallen short on credit card payments, or have considered filing for bankruptcy protection.

How your debt settlement program work?

A licensed attorney will negotiate to reduce your unsecured debts (credit cards, department store credit cards, medical bills, judgments, personal loans, accounts in collections etc.) on your behalf to settle for an amount less than the principal balance owed.

In return, the debtor will make a fixed monthly payment for which those funds can be distributed to the rightful owner of the debt. The rightful owner could be with the original creditor or with a third party debt collector for which the debt was sold.

And once the debt has been paid in full on the settled amount, the creditor will issue a letter to the credit bureaus stating the debt has been "paid", "settled", and/or "settled for less than full amount."

Why would a creditor accept a settlement?

Most of the time a creditor is willing to settle a debt for less if the debtor is having a legitimate financial hardship. This makes debt settlement an excellent debt relief strategy because the creditor realizes that a settlement offer is better than receiving nothing.

The debt settlement attorneys acting on your behalf can take advantage of this leverage and will use their best efforts to eliminate up to 50% or more of your unsecured debt.

Essentially, it's a win-win situation for both parties because the creditor is able to get something for the balance owed, and the debtor eliminates their debt for a fraction of the cost.

Schedule a FREE (confidential) phone consultation.