Debt Help - How Do I Know If I'm Eligible For Debt Reduction
Debt Help - How Do I Know If I'm Eligible For Debt Reduction
Debt reduction, also known as debt settlement and debt negotiation, is a debt relief method which helps people afford to pay their debt by reducing an amount of it. The amount that gets reduced varies greatly and it depends on the company you choose to negotiate with the creditor. You can also do debt reduction by yourself, but you won't get more than 30% reduced of your debt. However, when using a company or a debt reduction lawyer, you should expect to reductions up to 70%. That is because the creditor is more likely to negotiate with a legal representative than with you.
When choosing reduction you should always look for that great professional company. Only by choosing that type of company you will ensure yourself and your family a great financial future. Professional companies can obtain big reductions and can help you greatly with the payment plan afterwards. They can also negotiate the rates you will pay for your installments, so make sure that the negotiator is skillful and has enough experience.
But how can you know if you are in the situation to choose debt reduction. There are only two conditions when choosing this method: the first is to have unsecured debt and the second is to have debt of over ten thousand dollars. The conditions are clear and easy, so if you are eligible for debt reduction you shouldn't think more, just start doing it. The more time you waste, the less money you will gain from it. As long as your negotiator comes with a good strategic plan, there is no reason to worry. Sometimes, negotiator use different tactics so you might have to delay your payments in the first month without telling your creditor that you are going to opt for debt reduction. This is because you want to create the impression that you are broke and you cannot pay anymore; that will definitely enhance the reduction you get. Make sure that you don't miss the payments, just delay them a little. Missing the payments might get you into more trouble, so never do that if you don't have a good reason.
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.
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