How To Qualify For A Debt Settlement Program And Save Thousands
How To Qualify For A Debt Settlement Program And Save Thousands
Debt settlement is a better alternative to bankruptcy or having a bad credit rating.
There are several companies that undertake negotiations on behalf of the client and help them save a lot of money. Consequently, there are several debt settlement programs that have been availed for the consumer in order to assist in settlement.
Aurora Lillo Editor of the "Reputable Debt Settlement" website -- http://www.ReputableDebtSettlement.com -- pointed out;
"...In order to find the best programs, the consumer ought to join a financial relief network that will give them further insight on good companies. These networks guide the client to companies that are both legitimate and meet the required ethical standards. The company chosen should also have a good track record of not only negotiating but settling the cases it handles..."
The settlement programs offered by a myriad of companies differ with regards to structure and payments. There are certain companies that charge monthly fees in order to negotiate the money owed on behalf of the client. A good settlement program should not add to the client's financial strain but alleviate it instead.
For a person to qualify for these programs the amount they need to settle should be unsecured. This kind of money owed is not attached to any assets and it includes medical bills and credit card debt. The amount of money owed by the client to the creditors also matters because the programs are only open to those that owe $10,000 and over. The consumer should also have some money saved in the bank because this makes the entire process much faster. If savings are not present, then the negotiators set up a trust account for the consumer in order for the finances to grow.
Saving thousands is achievable by the consumer because the amount owed is not paid back in full. Only a small percentage of the money owed is paid back and this is where the negotiating makes the difference. The programs give the client options when it comes to settlement including credit card and debt consolidation.
"...In conclusion, unsecured debts can be settled by good settlement companies on behalf of the client. For the negotiations to be considered successful the creditor must forgive a certain percentage of the debt and where possible, the term "collection" removed from the client's credit report. Indeed an excellent way to get rid of debt and save thousands. The catch however is choosing the right company to work with to ensure that one gets maximum benefits at the most reasonable rates..." added A. Lillo.