Debt Settlement Letter - What Is It And How Can It Help You Pay Off Your Debt?

In a debt negotiation process done through a reliable debt settlement company

, a debt settlement letter is a document sent to the company with an offer to settle your debt for less than what you owe. Typically, as long as a few lump-sum payments are made by a specific due date, you could be debt free by paying less money than what you borrowed from your creditor. After youre approved into a debt settlement companys program, the settlement company begins negotiations with your creditors and, thanks to effective negotiation skills and strong relationships in the credit industry, your debt can generally be settled. A debt settlement letter materializes this process and is, in many cases, one of the final documents before becoming debt free while saving money along the way. What Specifically Is A Debt Settlement Letter? Its a document from your creditor offering to settle your debt for less money than what you owe. The letter is typically sent after the debt settlement company you hired to settle your debt has negotiated with your creditors and reached an agreement. In most cases, youll be able to go over the document and, if you agree with the deal being offered, the settlement is done. A debt settlement letter is generally typed in company letterhead and includes your account information and the amount you owe. One of the most relevant parts of this document is a section where its stated for how much money and in how many installments your debt can be settled. The letter will typically include the amount that for each payment and the due dates. What Does Settling Your Debt For Less Than What You Owe Mean? That, for example, if you owe $20,000 but are settling for $4,000 in four payments of $1,000 each, by paying $4,000, your debt is cancelled. Your creditor will typically state somewhere in the debt settlement letter that hell accept a specific payment in a number of installments as full satisfaction of your debt. Thats why debt settlement can be an effective way to save you money while helping you become debt free. However, keep in mind that savings vary for each consumer. The reason is there are many different factors involved in debt settlement. some of these factors includeyour type and amount of debt, the creditor you borrowed money from, and the debt settlement company you hired to settle your debt. Thus, I advise you to contact a reliable debt settlement company to explore your case and find out if debt settlement is a viable option to pay off your debt and save you some money.

Debt Settlement Letter - What Is It And How Can It Help You Pay Off Your Debt?

By: John M. Stevens

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