Are you in a position where your finances have hit bottom and you can no longer continue to pay your bills? If this describes you and your bills have gone to collections then you need to learn about these debt settlement tips
Debt settlement or debt negotiation can reduce the total of your outstanding debts by as much as 40 to 60 percent. By dong so, you can overcome your debt problems more quickly.
Who benefits from debt settlement?
Usually a person who has large unsecured credit card debts that have gone into collection is the best candidate for debt negotiation. Be aware there are many companies that can help you in the debt settlement negotiation process, but they will charge you an upfront fee for their services.
Debt settlement can help the debtor in the following ways
Debt settlement stops you from making further payments to creditors.
The debt settlement company can handle your incoming collection calls
The debt settlement company can negotiate better terms from the creditor.
The debt settlement company can reach a settlement with the creditor where the debt is reduced between 40 to 60 percent as a final payment.
Debt settlement solutions can take between two and four years to complete, depending on the amount of debt owed by you. Credit card debt negotiation may be the best solution for you if you are in debt over your head.