All About Debt Settlement
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Debt settlement, also known as debt arbitration or debt negotiation, is an approach to reducing debt in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. A payment plan is then agreed on over a specific period of time, and when the payment plan is complete the creditor considers the debt settled and paid in full. Debt settlement is a legal solution for those who have fallen behind and simply cannot keep up with accruing interest charges. The credit card companies are willing to the reduce the consumers credit card balances to 50% or more or what the consumer originally owed and work out a payment plan so both parties get something out of the settlement. The credit card companies are happy because they get something instead of nothing and charging off the debt and the consumer is happy because their debt is reduced by half or more, interest is stopped and they only have to make one monthly payment to pay down the debt in usually 24 to 26 months.
How does the Settlement Process work?
The debt settlement company negotiates on the borrowers’ behalf with creditors to reduce the overall debts in exchange for an agreement upon regular payments to be made. Only unsecured debts, such as medical bills and credit card debts can be handled, not student loans, auto financing or mortgages. For the debtor, this makes obvious sense – they avoid the stigma and intrusive court-mandated controls of bankruptcy while still lowering, sometimes by more than 50%, their debt balances. Whereas, for the creditor, they regain trust that the borrower intends to pay back what he can of the loans and not file bankruptcy (in which case, the creditor risks losing all monies owed).
How can I get immediate help?
This informational site was created and developed by Premier Financial Debt Help in an effort to offer consumers a reliable resource to help answer any questions they might have about Debt Settlement.
In addition to the free information on this site, Premier Financial Debt help also offers a free no obligation debt settlement consultation for debt help that will simply explain how much we can reduce your current debt by, what your payment plan would be and how many months your plan would take to eliminate your debt completely. You are under no obligation. Simply fill out the form at the top right of this page or visit our main site by following the link below and filling out the debt settlement on our Mother site.
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