subject: Settle Debt For Less - Why You Shouldn't Have To Pay More Money To Get Out Of Debt [print this page] Debt settlement is everywhere and you might have heard about it from a friend at work, read about it in the newspaper or saw one of the many articles about it on the internet. It has become very popular since the recession and although it wasn't always this efficient, it always had the potential of solving a debt problem and turn it back into and affordable loan. While you can settle debt for less, you can also pay less money on the process and so pay back your debt faster.
You must hire a settlement professional if you want to get a good deal and if you don't feel like you can negotiate as good as a professional. Debt settlement can also be tried by the consumer if you want to save some money on fees but this means that you will have to do all the negotiations and you risk getting a bad deal or even a lawsuit.
The fees for a settlement company are usually affordable but when in debt, you might see them as an impediment. As soon as you hire a company and they start to negotiate, you no longer have to pay the creditor since after the negotiations are done. The debt settlement company is forbidden by law to ask for any fees in advance and this means that you will have some time to save the money for the fees. When the negotiations are done, you should have at least a part to cover the fees and then just pay the rest in the next couple of months. Remember that you will still have to pay the remaining amount of debt to the creditors. This can also be done after you save some money in a separate account and you have enough to cover your debt.
Before this new law, you had to pay more to the settlement company otherwise they wouldn't even look at your debt and you risked losing your money for nothing. Now you only pay after they are done with the negotiations and so avoid any unnecessary loss of money and you get to clear your debt with minimum costs.
Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.
Settle Debt For Less - Why You Shouldn't Have To Pay More Money To Get Out Of Debt
By: archerfraizer
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