subject: Making A Debt Settlement Deal - Do I Qualify For Debt Settlement? [print this page] Want to know if making a debt settlement deal will work out for you or not? Want to know if you actually qualify for debt settlement? Well, you have landed on the right article. Read on to know about your chances to get a settlement deal.
Debt settlement has no doubt replaced the method of bankruptcy and other relief options at a very fast pace but, there are some conditions that you need to fulfill in order to qualify for a settlement deal. The conditions that you need to satisfy are mentioned below:
The first condition that you need to satisfy is to make sure that the overall unsecured loan that you have must be at least $10,000. This is the minimum amount that has been set by the law. If the loan amount is less than that, you cannot qualify for settlement. However, if the amount is greater than the amount, you will qualify.
The next thing that you need to keep in mind is that the unsecured loan that you have must be consolidated in one single place. If the loan is spread across several creditors, you need to bring it to one place. If you have credit card debt, you can opt for balance transfer to consolidate the loan. You can also get a consolidation loan and repay all the existing loans. Consolidation is important because this will make sure that the overall debt that you have never falls below $10,000 benchmark. It will also make sure that the cost and the time for settlement is minimized.
The final thing that you need to make sure is that you must be able to prove to the creditor that you are in financial trouble. This is best possible when you are in a state of unemployment.
Thus, if you have a consolidated overall unsecured loan of $10,000 minimum and if you are capable of proving to your creditor that you are in financial trouble then, you qualify for debt settlement and making a debt settlement deal makes sense.
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement.
Making A Debt Settlement Deal - Do I Qualify For Debt Settlement?
By: Caleb Byron
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