What Do Debt Settlement Companies Do For Consumers?

What Do Debt Settlement Companies Do For Consumers

?

If you have ever had debt problems then you may have already herd of debt settlement and everything it promises to deliver. But what can a debt settlement company actually do for you and what is only hype, generated by the media and the companies themselves in order to attract more customers?

In order to answer this question we have to look at the settlement process itself and how the companies help with delivering the best results for you. It is important to know that debt settlement is only available for those with debt of ten thousand dollars or more - if you do not qualify you can look at other options, more suitable for the amount you owe.

Negotiating with a creditor can be a daunting task for someone with no prior experience and a weak personality, not to mention that there are legal issues involved that the average person is not aware of and cannot handle correctly. Therefore, settling is always safer with a debt settlement company by your side.

Not only will they analyze your particular situation and tell you what your genuine options are, but they will also take care of the negotiation process itself. This starts by sending the creditor a letter that states that you are no longer able to pay your debt in full, but that you are willing to pay at least some part of it - any mistake at this stage could mean a very ugly lawsuit against you. A legal council from the company can take care of this stage for you and of all the other legal issues involved.

With the approval form the creditor, your settlement company can further help by giving you a solid payment plan so that you will be able to pay your debt in as little time as possible. This plan takes into account your income and how much of it you are able to route towards your debt so that you can pay everything in as little as three years.

So you see, a debt settlement company is a must if you plan on going though this procedure, especially if you have no real background in economy.

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. To locate legitimate debt settlement companies in your state check out the following link:

POST COMMENT

Weighing Your Debt Options - Proven Strategies For Helping Consumers Reduce Debt Locating Debt Settlement Companies - Where Can I Learn More About a Debt Firm's Reputation? Consolidation Debt Settlement – Can I Consolidate And Settle Debts Simultaneously? Debt Settlement Organizations - Negotiating On Your Behalf What Is the Real Debt Settlement Final Cost? Debt Settlement Agency – How To Choose The Right One Debt Settlement Solution - A Relief from Harassing Calls Best Debt Settlement Company - Comparing Before Selecting the One Debt Settlement Strategies To Become Debt Free At A Faster Pace When to consolidate debts? Best Debt Settlement Company – Reasons To Be Rated As Best How to Select a Reliable Debt Settlement Company Negotiating Debt Settlement- How to Win the Debt Battle