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| How to Reduce Your Credit Card Debts By 70% |
Debt settlement is a form of debt relief that may be able to
assist you in overcoming the burden of overwhelming debt in
less time and for less money than other debt relief options.
Debt settlement is an alternative to bankruptcy, which exists
to assist consumers with significant debt due to personal or
medical hardships. Too often, consumers join consumer
credit counseling services in an attempt to repay their debt,
but soon find that it may have not been their best debt relief
option. Some estimates show over 75% of people who turn to
consumer credit counseling services either quit or are
dropped from the program 1 . Debt settlement is an
alternative solution for people who legitimately cannot afford
to repay their debts and are looking for a way out of a
debt-burdened life.
assist you in overcoming the burden of overwhelming debt in
less time and for less money than other debt relief options.
Debt settlement is an alternative to bankruptcy, which exists
to assist consumers with significant debt due to personal or
medical hardships. Too often, consumers join consumer
credit counseling services in an attempt to repay their debt,
but soon find that it may have not been their best debt relief
option. Some estimates show over 75% of people who turn to
consumer credit counseling services either quit or are
dropped from the program 1 . Debt settlement is an
alternative solution for people who legitimately cannot afford
to repay their debts and are looking for a way out of a
debt-burdened life.
This web site is an advertisement designed for general information only. This is not a government website. The content of this site are for informational purposes
only, and it should not be considered financial or legal advice. We aim to provide you with accurate and useful information, but every individual has specific
circumstances. This information may not apply to every individual. Individuals specific circumstances should be taken into consideration. There are significant
risks associated with investing, loans and mortgages. If you do not keep up your repayments on a secured loan or on your mortgage you could lose your home.
only, and it should not be considered financial or legal advice. We aim to provide you with accurate and useful information, but every individual has specific
circumstances. This information may not apply to every individual. Individuals specific circumstances should be taken into consideration. There are significant
risks associated with investing, loans and mortgages. If you do not keep up your repayments on a secured loan or on your mortgage you could lose your home.
What is Debt Settlement?
Debt Settlement is a method of negotiating an agreed upon payoff amount with your creditors that could be a
fraction of your balance. Debt Settlement will save you thousands of dollars and years of repayment.
How is Debt Settlement different than a consolidation loan?
With a consolidation loan, you will group together all of your unsecured debts under one loan. Instead of making
multiple payments to various creditors, you only have to make one payment to your loan consolidation company.
You may be able to get a lower interest rate and a lower monthly payment with a consolidation loan but this is not
always the case. You will still pay back the entire balance of your debts but it typically takes 7-10 years to do so.
Debt settlement is not a loan. It is an agreed upon payoff amount that could be a fraction of your current balance.
You typically cannot finance a settlement payoff. With most Debt Settlement programs, you will rectify your debt in
a much shorter time frame.
How does Debt Settlement compare to Consumer Credit Counseling Services (CCCS)?
CCCS does NOT reduce the total debt you owe. Instead, they try to reduce your interest rates and combine your
monthly payments into one payment. In some instances, this new payment can be greater than your combined
payments were before entering their plan. Also, this new payment plan may have very little impact on your overall
balance. Your credit report will indicate that you are enrolled in a CCCS program, which is considered a major
infraction. We are not required to report anything to the credit reporting agencies, and we will not. You should
also not be fooled by the fact that CCCS is a Non-Profit Organization. It is true that you do not pay a fee for their
services. However, someone has to pay for their operating expenses and their salaries. If you are not paying for
their expenses, your creditors are. If you are seeking immediate monthly cash relief, Debt Settlement is a much
better solution.
How will Debt Settlement affect my credit?
Debt settlement may have a derogatory effect on your credit. The purpose of debt settlement is to rectify the
actual problem, which is the debt.
How long does Debt Settlement take ?
This really depends on your total debt balance and the length of time it takes for you to build up the necessary
funds to settle. Every situation is different. Our intent is to get you out of debt as quickly as possible but we also
understand that you have other financial requirements. We will customize a program that meets your budget
constraints and your financial goals.
Can I pay extra to get out of debt faster?
Not only can you, but it is encouraged. The more money you are able to put towards settlements the sooner you
will be back on the right path to your goals. Applying one time windfalls such as income tax returns, bonus checks,
and gifts are a great way to accelerate your debt settlement program. There are no penalties for completing early.
Will the creditor's call and harass me?
The original creditor always has a right to call and attempt to collect. We ask them professionally to redirect calls
and in most cases it will happen almost immediately. Once the account moves from the original creditor to a
collection agency you as a consumer are protected by the Fair Debt Collection Practices Act and a Cease &
Desist Verbal Communications letter is sent to stop the phone calls. Collectors that continue to call are in violation
of the FDCPA and complaints can be filed against them.
Debt Settlement is a method of negotiating an agreed upon payoff amount with your creditors that could be a
fraction of your balance. Debt Settlement will save you thousands of dollars and years of repayment.
How is Debt Settlement different than a consolidation loan?
With a consolidation loan, you will group together all of your unsecured debts under one loan. Instead of making
multiple payments to various creditors, you only have to make one payment to your loan consolidation company.
You may be able to get a lower interest rate and a lower monthly payment with a consolidation loan but this is not
always the case. You will still pay back the entire balance of your debts but it typically takes 7-10 years to do so.
Debt settlement is not a loan. It is an agreed upon payoff amount that could be a fraction of your current balance.
You typically cannot finance a settlement payoff. With most Debt Settlement programs, you will rectify your debt in
a much shorter time frame.
How does Debt Settlement compare to Consumer Credit Counseling Services (CCCS)?
CCCS does NOT reduce the total debt you owe. Instead, they try to reduce your interest rates and combine your
monthly payments into one payment. In some instances, this new payment can be greater than your combined
payments were before entering their plan. Also, this new payment plan may have very little impact on your overall
balance. Your credit report will indicate that you are enrolled in a CCCS program, which is considered a major
infraction. We are not required to report anything to the credit reporting agencies, and we will not. You should
also not be fooled by the fact that CCCS is a Non-Profit Organization. It is true that you do not pay a fee for their
services. However, someone has to pay for their operating expenses and their salaries. If you are not paying for
their expenses, your creditors are. If you are seeking immediate monthly cash relief, Debt Settlement is a much
better solution.
How will Debt Settlement affect my credit?
Debt settlement may have a derogatory effect on your credit. The purpose of debt settlement is to rectify the
actual problem, which is the debt.
How long does Debt Settlement take ?
This really depends on your total debt balance and the length of time it takes for you to build up the necessary
funds to settle. Every situation is different. Our intent is to get you out of debt as quickly as possible but we also
understand that you have other financial requirements. We will customize a program that meets your budget
constraints and your financial goals.
Can I pay extra to get out of debt faster?
Not only can you, but it is encouraged. The more money you are able to put towards settlements the sooner you
will be back on the right path to your goals. Applying one time windfalls such as income tax returns, bonus checks,
and gifts are a great way to accelerate your debt settlement program. There are no penalties for completing early.
Will the creditor's call and harass me?
The original creditor always has a right to call and attempt to collect. We ask them professionally to redirect calls
and in most cases it will happen almost immediately. Once the account moves from the original creditor to a
collection agency you as a consumer are protected by the Fair Debt Collection Practices Act and a Cease &
Desist Verbal Communications letter is sent to stop the phone calls. Collectors that continue to call are in violation
of the FDCPA and complaints can be filed against them.
Debt consolidation can mean many different things. When considering your options, remember to keep your own
best interest at heart. The general rule in debt consolidation is that the more you are concerned about your credit,
the longer it will take and the more it will cost to consolidate. However, you can get out of debt much more quickly
through consolidation than through other means. Check out DebtHelp.com's solutions and find out the best way to
get rid of your credit card debt.
The concept behind debt consolidation is a fairly simple one. Basically, you are combining various forms of debt
(such as credit cards) and replacing them with a single source of financing. The most common example of this is
when people take out a loan to pay off multiple credit accounts. This is referred to as a consolidation loan, because
it consolidates many types of debt into a single debt. This is just one example of many, and also the most common
method.
Home equity loans and zero-balance credit card transfers are other ways to consolidate your debt. Regardless of
what form it takes, there’s a key concept you must understand. Debt consolidation works by combining various
accounts into one. It doesn’t make the debt go away — it just rolls it up into some other form. But it can bring certain
benefits under the right conditions, so let’s talk about those next.
best interest at heart. The general rule in debt consolidation is that the more you are concerned about your credit,
the longer it will take and the more it will cost to consolidate. However, you can get out of debt much more quickly
through consolidation than through other means. Check out DebtHelp.com's solutions and find out the best way to
get rid of your credit card debt.
The concept behind debt consolidation is a fairly simple one. Basically, you are combining various forms of debt
(such as credit cards) and replacing them with a single source of financing. The most common example of this is
when people take out a loan to pay off multiple credit accounts. This is referred to as a consolidation loan, because
it consolidates many types of debt into a single debt. This is just one example of many, and also the most common
method.
Home equity loans and zero-balance credit card transfers are other ways to consolidate your debt. Regardless of
what form it takes, there’s a key concept you must understand. Debt consolidation works by combining various
accounts into one. It doesn’t make the debt go away — it just rolls it up into some other form. But it can bring certain
benefits under the right conditions, so let’s talk about those next.
Debt Settlement / Debt Negotiation
| Tips to Settle Your Credit Card Debts |
Here are some easy tips to help you start settling your own credit card debt.
Skills You'll Need
Communicate. You need to have decent verbal skills to communicate with your creditors. This shouldn't be a
problem for most folks - just be sure to express yourself clearly, without anger.
Negotiate. You'll need a clear goal in mind before you make that first call. Then realize that true negotiating
involves some give and take. You may not get what you want on the first call. Maybe not on the second, either.
You will have to compromise - just be firm but pleasant.
Document. Write down everything - date, time, person(s) spoken to, subject and any deals made. Do this for each
conversation. Keep all notes in a separate notebook, for organization.
Follow Up. Always follow up. Complete any phone calls, perform any tasks, and if an agreement is reached, do
your part. That's follow up.
While most do-it-yourself settle their debt for an average of about 75%, those who have the skills listed above
(and use them) can get their settlement for as low as 45% - 60%. Of course, it's possible to not get any reduction.
That's how important using these skills really are. Some exceptional debt negotiators have gotten away with a
settlement as low as 10% ! Industry professionals (attorneys and professional arbitrators), who bring millions of
dollars to the table "only" get about 50%.
The fees these professionals charge is usually around 15% of your total unsecured debt - meaning that, on
average, your debts are settled for a cost of about 65% (50% settlement + 15% fee).
If you're using the (4) skills shown above, it's possible for you to walk away from the negotiating table paying as
little as 45% of your debt. And, that's a great deal for you!
Your Accounts Must Be Seriously Past Due
Unless your accounts are at least 180 days past due, chances are your creditors won't make any deals with you.
If you're not that far past due now, do you just wait for the 180 day mark, then get serious about your debts? NO -
before you are this far past due, it is your moral (and legal) obligation to try and pay your debts as best you can.
You can always ask your creditors for a lower rate before the 180 day mark - with the promise to make good on
the debt. If it turns out to be totally impossible to pay the entire debt, then save the settlement option for last.
Always Use Certified Mail
When negotiating your debt, it is extremely important that you follow the agreement to a "T." That includes any
lump sum payments sent should be sent by certified mail, with a return receipt. This will only cost you a couple of
dollars, but the peace of mind you get when you know for sure that your payment has been received is huge.
If your creditors "misplace" or "lose" your check or other paperwork, then the burden of proof falls entirely on you
- if you can't prove that you followed through on your deal, then you may be deemed in fault and all deals
canceled. You know how difficult it is when working with a large company - that's why it's so important to be sure
you have all of your bases covered.
When sending in a check, be sure to include a copy of the agreement in your certified mail
Skills You'll Need
Communicate. You need to have decent verbal skills to communicate with your creditors. This shouldn't be a
problem for most folks - just be sure to express yourself clearly, without anger.
Negotiate. You'll need a clear goal in mind before you make that first call. Then realize that true negotiating
involves some give and take. You may not get what you want on the first call. Maybe not on the second, either.
You will have to compromise - just be firm but pleasant.
Document. Write down everything - date, time, person(s) spoken to, subject and any deals made. Do this for each
conversation. Keep all notes in a separate notebook, for organization.
Follow Up. Always follow up. Complete any phone calls, perform any tasks, and if an agreement is reached, do
your part. That's follow up.
While most do-it-yourself settle their debt for an average of about 75%, those who have the skills listed above
(and use them) can get their settlement for as low as 45% - 60%. Of course, it's possible to not get any reduction.
That's how important using these skills really are. Some exceptional debt negotiators have gotten away with a
settlement as low as 10% ! Industry professionals (attorneys and professional arbitrators), who bring millions of
dollars to the table "only" get about 50%.
The fees these professionals charge is usually around 15% of your total unsecured debt - meaning that, on
average, your debts are settled for a cost of about 65% (50% settlement + 15% fee).
If you're using the (4) skills shown above, it's possible for you to walk away from the negotiating table paying as
little as 45% of your debt. And, that's a great deal for you!
Your Accounts Must Be Seriously Past Due
Unless your accounts are at least 180 days past due, chances are your creditors won't make any deals with you.
If you're not that far past due now, do you just wait for the 180 day mark, then get serious about your debts? NO -
before you are this far past due, it is your moral (and legal) obligation to try and pay your debts as best you can.
You can always ask your creditors for a lower rate before the 180 day mark - with the promise to make good on
the debt. If it turns out to be totally impossible to pay the entire debt, then save the settlement option for last.
Always Use Certified Mail
When negotiating your debt, it is extremely important that you follow the agreement to a "T." That includes any
lump sum payments sent should be sent by certified mail, with a return receipt. This will only cost you a couple of
dollars, but the peace of mind you get when you know for sure that your payment has been received is huge.
If your creditors "misplace" or "lose" your check or other paperwork, then the burden of proof falls entirely on you
- if you can't prove that you followed through on your deal, then you may be deemed in fault and all deals
canceled. You know how difficult it is when working with a large company - that's why it's so important to be sure
you have all of your bases covered.
When sending in a check, be sure to include a copy of the agreement in your certified mail
Debts may be reduced through debt settlement by 40% or more. However, there can be no guarantee about how
much you will save prior to settlement. If a debt settlement company guarantees specific results before negotiations,
then that should be your cue to look for a different company.
much you will save prior to settlement. If a debt settlement company guarantees specific results before negotiations,
then that should be your cue to look for a different company.
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