In recent years, the US economy has steadily declined, so much that we are in an extremely severe recession and perhaps even on the brink of a depression. With the record of foreclosure and unemployment rates reaching record levels each month, many Americans find their financial outlook is gradually losing control and running into trouble. To make matters worse, the balance of millions of Americans’ credit card debt is on the rise, leaving them vulnerable to companies trying to help them get rid of really no interests.
Having worked in the debt relief industry for many years, both in credit advice and now in debt settlement, I know how to find a company that only cares about their profit and not their clients’ well-being.
In the current economic situation, most people cannot manage credit counseling programs and turn to debt settlement because they don’t want to file for bankruptcy. However, how quickly and legally to get off the treadmill of credit card debt is the question most people ask. For those who don’t understand debt negotiation, I’ll explain how it works and explain what some unethical companies will say so you can avoid them and find a company that wants you to succeed.
Debt settlement is the ultimate result of debt negotiations. Through this process, you can save money and negotiate a one-time payment with your creditors, or you can pay off all at once. The advantage of this process is that it saves time and money. Many people who are registered with a legal debt service often find that they have saved nearly half their debts and got rid of their debts in four years or less.
The advantage of debt repayment is that you save and pay off the money in a short amount of time, instead of paying the minimum repayment amount. But first, you should be aware of the pitfalls of this process before registering. Many debt clearing houses ignore the pitfalls of telling you and almost use them (don’t ask, don’t tell) policies regarding negative factors.
The first thing to understand is that no creditor will negotiate the debt if you are currently using settlement account payments. If you think about it for a moment, why is this happening? Creditors want you to keep walking the “credit treadmill” for decades, paying them a minimum monthly payment, and eventually losing thousands of interest. Therefore, if they think you can meet their minimum requirements, they will never agree on a lower solution than the balance due. Therefore, the creditors’ default is the only way to get their attention when a debt settlement is reached in the debt negotiation. There is no way to fix it.
The problem with reputable “scam” companies is that they will not tell people this and will do their best to cover up the whole process and never fully reveal the program’s negative aspects. If you fall behind, you cannot prevent damage to your credit report, but the damage caused is not permanent. If a settlement agreement is reached and your debt is paid, disputes may arise in the future.
You can imagine that when you stop paying creditors, they will call to request direct debit. This is part of the process, and if you can’t accept it, then debt settlement isn’t for you. The problem I’m talking about is causing them to stop all direct debit calls when you hear the sound of running on the mountain! Because the bottom line is that no company can stop all calls completely, and they tell you to feel comfortable and register. That said, we can take some steps to reduce call volume significantly. A legal debt settlement company will help people to take appropriate action and issue the appropriate quit and termination letters to assist you with this.
Another issue that I think is very important is that those considering the debt settlement process understand how long the process should take. As I mentioned before, the benefit of this procedure is that it will save you money and time, and to save both as much as possible, you should complete this process as soon as possible. The ideal goal should be within two years since if you can meet the current minimum repayment, but can pay, with this debt settlement process, you can get out of debt in just two years. However, someone should consider participating in a debt repayment plan for a maximum period of about four years. A longer time means that you may actually be eligible to file for bankruptcy.
The scam company allows the customer to pay any fees it can afford, even if the company knows that the low payment is not enough to complete the plan. They make you pay what you see fit so they can sign up for the plan and charge you. A legit business will review your budget and your personal creditors to see if there is a plan to get you out of debt. When you talk to a company, you have to pay the weather’s cost on the hills.
Finally, make sure that the company you are looking at is a recognized member of the BBB and has a good rating. You really want to see how long they have been active and how many types of complaints they may have. A company that has been in existence for at least three years and has a good track record is a good starting point.
I hope that after reading this book, you will feel more enlightened and will have a wealth of knowledge that can help you make the right financial decisions to avoid debt. If you would like to see if this debt settlement procedure is helpful for you, I recommend that you click on the link below and fill out the application form or call toll-free and ask to speak to me. I will take a detailed look at your specific situation to see if the steps can help you. If there’s nothing my company can do for you, I’ll point you in the right direction.