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Home » Debt Relief » Debt Settlement Overview

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?

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?

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.

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

Find savings from existing debt

Monthly payment you can afford:

How much people saved More examples »

Saved $6071.26
Saved $6071.26 Jan 30, 2014
Saved $430.31
Saved $430.31 Jan 13, 2014
Saved $325.5
Saved $325.5 Jan 13, 2014

17 Mar, 2014 Review: GJ saved $1305.35
Client satisfaction level:
* Client names have been changed to protect privacy

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.

Top Questions
Got any queries?


Should you pay in full or try to settle a collection account?

I have a collection account on my credit report. Can you please tell me which one will be a better option in terms of credit score? I mean should I pay off the collection account in full? Should I try to settle the collection account for less than what I owe?... Read more »


Which is better – Wills or trust?

Which is better – Wills or trust? ... Read more »

Category: Wills & Trusts


What is the best way to choose the debt payoff strategy?

What is the best way to choose the debt payoff strategy? ... Read more »

Category: Debt Help


Where does my money go?

I have recently signed up with a debt settlement company and they've told me to deposit a fixed amount of money which they will store in some place. Could you please tell me where my money will go once I start paying them? How do I know that they're safe enough to take care of my funds? ... Read more »

Category: Debt Help


What is the minimum debt amount that I need to have to qualify for debt settlement?

What is the minimum debt amount that I need to have to qualify for debt settlement?... Read more »

Category: Debt Help

Articles: Educate Yourself More »

Use your judgment before you choose to settle your credit card debts

It’s true that credit card settlement can relieve you of your ever increasing credit card bills. Yet, before you decide to settle your dues, it’s better to look at every other possible alternative. Almost everybody knows by now that bankruptcy may offer you with a fresh financial start. However, settlement seems to be a better option. Find out why. Why settlement is better than bankruptcy? Debt settlement or bankruptcy - which is better and convenient? Check out the comparison done ... Read more »
Date: 05:43 am 2nd Sep, 2013
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Settling your credit card debts might be a great way to wipe them out

Getting rid of your credit card debts can give you much relief and restore your peace of mind, especially if you had been struggling to cope with the outstanding bills for long. Since credit card debts multiply with time, settlement might seem to be a beneficial debt relief option as it can help to reduce the debt amount to a large extent. What are the signs that you need credit card debt help? Below are some simple signs mentioned to let you know that you badly need credit card help to... Read more »
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Showing you the safe way to pick your payday loan settlement company

Payday loans are easy to take out and harder to get rid of. Often when the debt burdens run high, consumers try to get rid off their payday loans desperately. As a result, they may end up with scam services and suffer further financial losses. If you’re trying to get out of your payday loans with professional assistance, choose your settlement company wisely. Which 3 steps are to be followed before enrollment? When you're thinking of how to get out of a payday loan cycle and getting p... Read more »
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Opt for settlement to part with your payday loans

Payday loan settlement works just like any other debt settlement program and helps you get out of the eternal payday cycle. Payday loan settlement companies usually negotiate with your lenders for a reduced amount, so that you can end up paying much less than the total outstanding balance. Moreover, apart from shedding off your payday loans, this kind of programs help you avoid the hazards of bankruptcy, lawsuits, and wage garnishment. How does payday loan settlement work? You can yours... Read more »
Date: 10:34 pm 26th Jun, 2013
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Debt Settlement - Eases you out of your debt load lawfully

Is debt settlement a legal way to repay bills? Debt settlement is perfectly legal. It is one of the most popular legal debt solutions across the country. However, it is illegal to use unscrupulous tactics to make money out of the consumers. The debt settlement companies or attorneys have to comply with the state and federal laws. They can be heavily penalized for violating the FTC laws. 3 Tips to consider before you go with settlement process Check out the following tips: 1. The f... Read more »
Date: 05:59 am 14th Jun, 2013
Article Rating:

In an effort to better our services, we conduct an ongoing survey. Check out the survey results and see what the existing and past clients have to say about us:

  • Overall satisfaction
    The graph below shows the percentage of people satisfied after they spoke to us.
    Client Satisfaction Rate
    Very satisfied: 71%
    Satisfied: 13%
    Undecided: 6%
    Dissatisfied: 3%
    Very Dissatisfied: 7%
  • Ways to Contact
    The graph below shows the percentage of people using different mediums to contact us.
    Contact Medium Usage Rate
    Telephone: 52%
    Support Request: 17%
    E-mail: 27%
    Fax: 0%
    Other: 4%
  • Customer service
    The graph below depicts the satisfaction level for the less time taken by our team to solve various queries.
    Customer Service Quality Rate
    Very satisfied: 71%
    Satisfied: 14%
    Undecided: 5%
    Dissatisfied: 3%
    Very Dissatisfied: 7%

*Client names have been changed to protect privacy
**Represented feedbacks have been randomly selected from clients who took part in survey organized by OVLG
By Client RW*
profile pic Financial Coach:Vincent Jackson
Rated by client: 
Client Relationship Manager:Priscilla Robinson
Rated by client: 
Preferred Contact Medium:TelephoneOverall Satisfaction Level:Very Satisfied
RW's Feedback: I am new to the program but everyone I have worked with so far has been very pleasant and they don't make you feel bad about your financial situation. They are all very friendly and take time to answer any questions you may have.

By Client CD*
profile pic Financial Coach:Michael Grayson
Rated by client: 
Client Relationship Manager:Simon Green
Rated by client: 
Preferred Contact Medium:EmailOverall Satisfaction Level:Very Satisfied
CD's Feedback: I have only been working with Simon for a short time and he is awesome he is very pleasant keeps me updated and is working on my settlements very quickly and affordable Simon has helped me out so much I am going though a really rough time and having Simon Green has taken a lot of stress away very happy with Oak view law Thank-you Simon for being there for me and helping me and making feel that you care for your clients Catherine Dusoe thank-you
Suggestion: None

By Client JB*
profile pic Financial Coach:Austin Butler
Rated by client: 
Client Relationship Manager:Patricia Clark
Rated by client: 
Preferred Contact Medium:ChatOverall Satisfaction Level:Dissatisfied
JB's Feedback: bad chatting set up. Cuts out in 6 mins

By Client JG*
profile pic Financial Coach:Vernon Smith
Rated by client: 
Client Relationship Manager:Roger Sampson
Rated by client: 
Preferred Contact Medium:EmailOverall Satisfaction Level:Dissatisfied
JG's Feedback: I tried to get ahold of you yesterday . The Bank cant close my account because of creditors keep running withdraws making my account pending.So they want me to open a Chase liquid card today so that I can pay you.


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