Debt Settlement Information you should know:.. In debt settlement, your debts may be negotiated to a percentage of your total debt. Creditors will initially put up resistance before cooperating with a debt settlement offer. This is why doing it yourself can be extremely frustrating and fruitless. Skilled and experienced debt settlement negotiators often have rapport with collection agencies and tend to be more successful in obtaining settlements.
Every person’s situation is different, but in many cases, debt settlement can help you:
	Eliminate debt in 2 to 4 years.
	Save you thousands of dollars
	Reduce your monthly payments
	Give you one single payment per month.
Disadvantages to Debt Settlement:
	Your credit will be affected in a negative manner. This type of item will remain on your credit report for a number of years. Consumers still opt for debt settlement because they find it preferable to bankruptcy. Usually, the way it is reported on your credit record involves the words "Settled" or "Settled as Agreed" or "Paid as Agreed". However, all the late payments may remain on your credit report until the statute of limitations runs out. At that point, credit repair might help to remove the negative marks if the reporting creditor fails to provide documented proof to the reporting agency.
	Your creditors will continue to harass you throughout the process of negotiations and you may be sued or even garnished. However, you can only be garnished by one creditor at a time and in some states, you cannot be garnished at all.
	Most debt settlement programs will only accept you if you have $10,000 or more in unsecured credit card debt. We have found attorneys that will accept as little as $7,500. Consulting an attorney prior to entering a debt settlement program is vital. Call us to learn more.

This debt relief option should only be selected when you know that you cannot afford debt consolidation and you do not wish to file bankruptcy.

What if I don't want to Settle:

Most consumers don't like the negative effects that a debt settlement program has on their credit. Additionally, there are many risks involved with the settlement program such as judgments, liens, garnishments and more. If you do not want to settle your debt, a consolidation program may offer you the monthly payment you want without the negative effects of a settlement program. Contact us for more information.

The information contained in this website is not intended to be legal advice. If you need legal advice, please consult your attorney. Thank you.