Debt Settlement Loans - How To Settle Your Debts
Debt settlement is one of the most efficient solutions to free yourself from the burden of overwhelming debt and crippling financial obligations. The settlement of your debt is a solution that is best suited for individuals and families that are overwhelmed by their bills and have considered pursuing bankruptcy to rid themselves of their burden.
What you need to know:
A debt settlement service, once contracted, will typically begin negotiations with your creditors, and acting on your behalf will explain your financial hardship situation in terms the credit lenders understand. In brief, they will threaten the very real possibility of your default on your credit debt and convince the lenders that taking a percentage of the debt owed is a better alternative to receiving none. The creditor will typically make an offer to settle your debt for a percentage of the debt owed. You, the creditor then will make a settlement for this amount with the lender, and your debt will be wiped with the remaining balance being forgiven. In this situation the lender will then typically report to the credit bureaus that your debt has been either, 'paid,' 'settled,' or 'settled for less than full.'
What is the lenders motivation to settle on your debt?
The leverage that the settlement company has with the lender is that your balance owed is in danger of a full default or bankruptcy. If you were to file for bankruptcy, unsecured creditor typically will receive nothing at all. The severity of your financial hardship and the likelyhood of filing for bankruptcy makes your balance owed a very high risk for the lender and they typically will eagerly accept a debt settlement offer if it is presented correctly. Debt management companies take advantage of this knowledge and can leverage your situation to your benefit, often achieving settlements that can eliminate 30-50% of your unsecured debt in an instant. The bank is happy to receive what money they can, and you are given a solution to avoid bankruptcy and achieve quick debt relief.
You have nothing to lose, find out today whether or not you are eligible to eliminate up to 70% of your credit card debt. We can help match you with the top debt settlement services, simply fill out the secure online application and a debt management specialist will provide a free assessment of what can be achieved for you. Apply today.
Got Debt? Need Debt Relief?
The decision to reach out for help with your debt is not one that's easy to make. You were raised to "do the right thing", but now it's nearly unbearable. You struggle along while your creditors are turning up the heat. And now you're at the point where the late fees, penalties and interest expense make it impossible to keep your head above water.
If you could eliminate your debt without permanently damaging your credit, why wouldn't you?