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Unsure about your debt relief options?
Debt settlement or debt arbitration is a legal process used by people or companies in debt to negotiate a settlement of an existing legal debt with their creditors. Debt Settlement is not the same as Consumer Credit Counseling or Debt Consolidation. Debt settlement is the consumer equivalent of a business hiring a turn around specialist to help them settle their debts with creditors and get the company back on track. Any person owing credit card debt, or any other debt, has the legal right to contact and negotiate with their creditors. However this practice takes time to master knowledge of the credit industry and sharp negotiation skills to get the maximum benefits.
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It is rapidly becoming the top method for consumers to get rid of problem debt.
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The client's debt is paid off in anywhere from 12- 36 months.
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Debt settlement affects credit much like debt consolidation firms except the settlement is ultimately paid by the consumer directly to the creditor, unlike with a consolidation company.
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Debt settlement lowers your debt to income ratio more quickly than Consumer Credit Counseling, which represents a significant factor in your ability to quality for a loan.
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You will typically end up paying only 40-60% * of your current balance.
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