subject: Personal Loans - Cutting Them Down Before It's Too Late [print this page] There are many debt relief options available to help eliminate personal loans. One of the most popular options available is debt settlement. Debt settlement can eliminate personal loans by negotiation with a creditor for a one-time lump-sum payment.
Personal Loans and Debt Settlement
When you owe money to creditors, they have the right to sue you in court if you aren't paying in accordance with the terms of your creditor agreements. Fortunately for you, most creditors are willing to negotiate your debts and settle them for less than you owe, because it's usually the most profitable strategy for them to use.
This due to the fact that going after a consumer in court costs a creditor thousands upon thousands of dollars, only to receive a court judgment which doesn't necessarily mean that the customer will repay the creditor, nor that the customer even has the money necessary to repay them. Professional debt arbitrators understand this and know exactly how to negotiate with creditors to achieve the lowest settlements rates possible.
Consumers who get help from debt settlement companies include those who have experienced a loss of a job, unexpected medical bills, illness, or other unforeseen circumstances that put a strain on finances. Debt settlement companies specialize in getting the facts on your personal debt situation (whether you have personal loans, credit cards, medical bills or other unsecured debts), presenting those facts to the creditors, and negotiating with them to settle for much less.
Here are just some of the benefits you receive by enrolling in a debt settlement program:
One simple monthly payment that's up to three times lower than your current monthly minimum payments.
Save you up to hundreds and thousands of dollars overall by getting credit card companies to agree to reduce your personal loans and other unsecured debts and completely eliminate interest rates.
Allow you to become totally debt free within 12-36 months.
You will not have to communicate with your creditors and/or collection companies.
Personal Loans - Cutting Them Down Before It's Too Late
By: RamiAbramov
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