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Debt settlement - Legal approach to lower your outstanding dues

Debts can be depressing. It's hard to improve your financial condition, unless you get rid of your debt burdens completely. In case, you're finding it too difficult to get rid of your outstanding bills and dues, you can opt for settlement.

How settlement can help you out of your debt situation?

Savings from creditors
Know how much clients have saved on their debts
Saved $487.5
Saved 487.5
Apr 16, 2014
Saved $172.5
Saved 172.5
Apr 25, 2014
Saved $225
Saved 225
Apr 2, 2014

Settlement seems to be a promising debt relief solution since it brings about a reduction in the total debt amount. The debt settlement process involves negotiation with the creditors, as a result of which the creditors accept a lesser amount than what is owed by the debtor, and still consider it as full payment. Thus, it works well for those who're carrying large debt loads and finding it difficult to repay those in full.

When should you choose debt settlement programs?

Debt settlement programs or services can be of help if you:

  1. Have unsecured outstanding balances
  2. Are lagging behind with the payments
  3. Are not in a position to pay your bills
  4. Feel you can pay if the debt burden is reduced
  5. Are gradually being pushed towards bankruptcy

Which is better – DIY or getting help from an attorney?

How much can you save?
Monthly payment you can afford
($)

You can evidently try to settle your debts on your own. However, the process usually involves effective negotiation. Thus, choosing an attorney to represent you makes more sense, when you want to settle your outstanding bills. Check out the chart to find out whether to choose DIY settlement or to hire an attorney for the settlement process.


Fri Jul, 2014 Review: JF3 saved $562.5
Client satisfaction level:
      
* Client names have been changed to protect privacy

Consulting an attorney Do It Yourself (DIY)
Getting genuine assistance yes no
Help with legal representation yes no
Guidance while signing legal papers yes no
Elimination of collection abuse yes no
Getting professional help with negotiation yes no
Reduction in principal debt amount yes no

Why the creditors accept a settlement offer?

Forgiving a major portion of the outstanding dues is the basic essence of settlement. The creditors evidently lose out money when they allow a debtor to settle his dues. Yet, they accept a settlement offer when they realize that the debtor might file bankruptcy otherwise. If that happens, the creditor may lose his chance of extracting money from the debtor. A settlement offer allows mutual benefits for both the debtor and the creditor. While the debtor can pay off his dues at a lower amount and avoid bankruptcy, the creditor is able to get back a significant portion of the original debt.

Are you eligible for the settlement program?

Not everyone can take advantage of the settlement process, since creditors only agree to settle debts if:

  1. You have defaulted on the loan
  2. You have been missing regular payments
  3. You have at least some source of income
  4. You have a considerable amount of debt
  5. You are going through severe financial crisis

The professional companies, offering settlement services or programs, usually prefer to work with consumers having debt of $10,000. If you have a low debt amount, you may either search out for companies that agree to settle debts lower than $10,000, or try to negotiate with the creditors on your own.


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11,000 debt

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Can a debt collector calls me 12 times a day. Is this a violation of federal laws?

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Do I need to pay my deceased Uncle's debt?

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Can you do business in NJ

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What is the best way to deal with collection agencies?

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Can I collect damages on each violation from the JDB?

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Zombie debt collector is asking me to pay more than what I owed

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How to deal with accounts opened by my mother

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what if i cant make my payment in june

Category: bankruptcy help
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Asked on Mon, 05/26/2014 - 07:25

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What is the worst credit card mistake one can ever make?

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Asked on Thu, 05/22/2014 - 15:39

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Is it really possible to reduce debt in half?

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Asked on Thu, 05/22/2014 - 15:36

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default judgement can money be taken from my bank account

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Should I try to remove my name as the authorized user from the card?

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Debt relief program – How does it affect your credit score?

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What happens to the co-signer after you file Chapter 13 bankruptcy?

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How can you opt out of the unsolicited credit offers?

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which trust bank is OVLG affiliated with?

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I need t change my payment date this month

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help paying hospital and doctor bills

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What does malice implies under the defamation laws?

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Is there any SOL on libel?

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Prepaying the principal or the next payment – Which one is better for auto loan?

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What do you mean by libel per se?

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What is the difference between slander and libel?

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Can I list a property in bankruptcy that liens on it?

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What actually happens after filing bankruptcy?

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How do you remove negative items from your credit report if you have paid them in a settlement

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i received summons over payday loan help? can you stop court?

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Is there any debt that can't be discharged through bankruptcy?

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What happens when borrowers choose to not pay off the principal balance of pdls?

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Pages

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Nowadays, many consumers fall prey to debt trap and reach out to debt settlement companies only to find out later that they have been scammed. Today, we come across a lot of debt settlement scams and most of the scams are a result of lack of information on the debtor’s end. If you want to avoid [...]

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Choosing between debt settlement and bankruptcy in the face of mounting debts is a tough decision to make. It is important to understand that although both the options aim at offering debt relief, they work very differently. So, in order to make an informed decision, you need to understand these [...]

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I have worked in a bank for 2 yrs so I am well aware of what your cdeirt history can do to your life. I had found several errors on my report. This book has sample letters for you to send in order to get information corrected. It also states the laws so you know your legal rights. I have been [...]

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