It's not uncommon for people to struggle with their debts. If you feel as though you are in way over your head, there is help out there. One strategy that might be ideal for your needs is to try and settle. You don't have to do this on your own, however, as there are some very helpful debt settlement programs available. No matter how far in debt you are, there should be a solution.
What, exactly, *is* debt settlement, and how does it work?
It is a form of agreement between you and your creditor(s), which is usually a bank or credit card company, in which you agree to repay SOME of the money back as a lump-sum less than what you owe, or a few larger payments over a shorter amount of time which totals less than what you owe. There are many variables depending on the creditors, total you owe, and whether you are trying to do the negotiation on your own or have a third party do it for you.
It is HIGHLY recommended that you turn to debt settlement programs so that you can have a professional take care of the hard work, legal work, and negotiations on your behalf. The settlement company might even advise you to stop paying creditors until a settlement agreement is reached. Once it is reached, the terms of at least one of the debts you owe are changed a bit more in a way that is fair to you. You must agree to the new terms and then make at least one payment to the debt collector or creditor for the agreed-upon amount. This is normally when the debt settlement professional wl begin charging you fees for its services.
The ideal settlement should be one that allows the client (you) to walk away without being required to pay the full debt amount. How much you can save depends on numerous factors, as mentioned above. It's best to choose a debt settlement / relief program that has a great reputation and a lot of positive feedback and reviews.
Will obtaining debt settlement services have a negative effect on your credit report?
It is possible, as any type of credit counseling / settlement / consolidation option you select might affect your credit score. However, even if it does hurt your score at first, these types of solutions will give you a better chance to recover and repair your credit repair more quickly than if you were to try to do everything on your own, or let your debts default.
What is the right company or service?
There are many debt settlement programs out there, but if there is one that you really should consider, it is CuraDebt. This company does not charge fees for initial counseling sessions, and you can request a FREE consultation / savings estimate.
Source by George Botwin
