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Debt Settlement Program

Debt Settlement Program

Many consumers know just how easy it is to fall into debt. Careless spending, unexpected expenses and even the loss of a job are common culprits behind mounting debt. Once you are in debt, it can be difficult to reduce your account balances. Late payment fees, high interest charges and other expenses just seem to mount. Before you know it, you are struggling to make even the minimum payments on your debts, or perhaps you have fallen behind and cannot seem to catch up on your payments. You may have heard that debt settlement can help you to gain control over your finances once again, and you may be eager to seek out the financial assistance you need. Before you pursue this is a debt management option, it is important to understand what settlement is and how it works.

The Process

When you choose to use debt settlement for debt reduction and management purposes, you will work with trained financial counselor. The counselor will review all of your outstanding accounts, including the outstanding balances, monthly payments and interest rates. You may be asked to stop making payments on your debts yourself, and payments may be collected by the settlement company. The sum of these payments will be used to negotiate with your creditors, and the end result is typically that your creditors agree to a reduction in the principal amount owed, improved repayment terms and a lower interest rate. As an alternative, you may be asked to provide a lump sum of cash, which may be obtain from equity in your home or equity in another asset.

Is It Right For You?

Our trained consultants will use a suite of financial tools to determine how beneficial this process may be for you. Each individual has a unique relationship with debt, and settlement is just one of several different debt reduction and management options available to you. This process may result in a slight drop in your credit scores. However, over time and with responsible financial management, your relationship with debt and credit will improve. For many consumers, using debt settlement has been a turning point in their financial lives.

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