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The general consensus is that all debt settlement companies are crooks. It would be best to go with the ones with the highest ratings on review sites; however, debt consolidation always offer high rates and are inflexible on their payment plans.
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Does debt settlement companies help you settle with credit card debt?
Debt settlement companies can help negotiate debt relief with all your creditors. This will include credit card companies who may be willing to write off part of your debt.
How do debt consolidators eliminate debt?
Debt consolidation companies do not eliminate debt. Do not confuse this with debt settlement. Consolidation companies simply merge all of your debts together into one payment a month that you make to them and sometimes lower interest rates. Debt settlement companies, however, negotiate directly with your creditors/collection agencies to settle debts for a lower, agreed upon, lump sum. This in turn gets you out of debt quicker.
What are benefits of Debt Settlement program?
Through debt settlement programme people can save their lots of money. Getting the debt details of customers debt settlement agents starts their work. fast they contact the creditors and make them accept a 40 to 50 percent settlement rate. The companies finally accept that condition because otherwise they could get nothing. Some times people spend much money in credit but atlast they don't paid off the full. But their creditors will take all money from them, in that case debt settlement is very essential for the debtors. Debt settlement companies can manage this problem and clear the debt after a settlement process.
What companies provide debt settlement assistance?
All debt settlement companies are rip offs and ruin you're credit even more. Check out the bbb before you decide on one and make sure they are legitimate before you spend you're money.
Will debt settlement be reported to your employer?
Nope, it is not.... In fact no one else than your creditors get to know about it. The Debt Settlement companies send a letter to your creditors, that is how they get to know. Even in the Credit Report, there is no mention of hiring any debt settlement company. All it says is "settled for less than full balance", which does not reflect at all that you hired someone to do Debt Settlement. Even this thing does not appear instantly, it takes months or years depending on your debt amount and your monthly payments. Thanks!!!!!!!!! This is not a legal advice
Does debt settlement companies help you settle with credit card debt?
Debt settlement companies can help negotiate debt relief with all your creditors. This will include credit card companies who may be willing to write off part of your debt.
How do debt consolidators eliminate debt?
Debt consolidation companies do not eliminate debt. Do not confuse this with debt settlement. Consolidation companies simply merge all of your debts together into one payment a month that you make to them and sometimes lower interest rates. Debt settlement companies, however, negotiate directly with your creditors/collection agencies to settle debts for a lower, agreed upon, lump sum. This in turn gets you out of debt quicker.
What are benefits of Debt Settlement program?
Through debt settlement programme people can save their lots of money. Getting the debt details of customers debt settlement agents starts their work. fast they contact the creditors and make them accept a 40 to 50 percent settlement rate. The companies finally accept that condition because otherwise they could get nothing. Some times people spend much money in credit but atlast they don't paid off the full. But their creditors will take all money from them, in that case debt settlement is very essential for the debtors. Debt settlement companies can manage this problem and clear the debt after a settlement process.
What companies provide debt settlement assistance?
All debt settlement companies are rip offs and ruin you're credit even more. Check out the bbb before you decide on one and make sure they are legitimate before you spend you're money.
Will debt settlement be reported to your employer?
Nope, it is not.... In fact no one else than your creditors get to know about it. The Debt Settlement companies send a letter to your creditors, that is how they get to know. Even in the Credit Report, there is no mention of hiring any debt settlement company. All it says is "settled for less than full balance", which does not reflect at all that you hired someone to do Debt Settlement. Even this thing does not appear instantly, it takes months or years depending on your debt amount and your monthly payments. Thanks!!!!!!!!! This is not a legal advice
How do you chose debt settlement company?
There are so many debt settlement companies but choosing the best one is seriously very tough.If you need the best debt settlement company you are probably asking yourself that how do i chose the best debt settlement company?You ask some questions yourself and if you get a satisfactory answer from your questions then you chose the company.1. Does the Company charge any fees prior to reducing your debt?It is very important question to chose the best debt settlement company. Your first choice should be a true debt settlement company that has $0 fees until we reduce your credit card debt.2. How does the Debt Settlement Company Charge its fee?Most debt settlement companies charge you a flat fee of the debt amount you enroll. For example, a 20%flat fee works like this:Your Original Debt $10,000.Service Fee: 20% (10,000 x .20)= $2,000 Total FeeIf like in the above example your debt is settled for $8,000 and you add the $2,000 fee, you didn't really save much.3. Are There Any Monthly Fees or "Maintenance Fees"?No Fees Prior to Settlement means No Fees Prior to Settlement. End of story.4. Did the Company Explain How the Program Works and Consultant You On All Your Options?Before enrolling into a Debt Settlement Program, consumers should be fully aware of how a debt settlement program works.5.Are You Dealing With A Full Service Debt Settlement Company?A Full Service Debt Settlement Company will handle all aspects of your file from consulting, to negotiating and client support. However, a huge majority of companies are merely signing up clients and then sending it over to a completely different company who handles the negotiations and customer service.Take this questions and chose the best debt settlement company.
Has anyone dealt with a company called Square One Debt?
Square One Debt Settlement is actually one of the few debt settlment companies accredited by TASC (The Association of Settlement Companies) and their BBB rating is B-, which the BBB says still makes them a reputable company. The debt settlement industry sprang up as a result of the bankruptcy laws changing several years ago - it is now very hard to qualify for Chapter 7, which wipes out all of your debts. A good debt settlement company can settle your debts for 40% or better, while Chapter 13 bankruptcy usually requires that you pay back 40 - 60%, and is on your credit report for 7 years longer. There are a lot of unscrupulous debt settlement companies out there as this industry is in its infancy, so you have to check them out.
Where can one find help with debt settlement?
One can find information on debt settlement by speaking to a financial advisor. Debt settlement will usually consolidate all of your loans, bills and other debt, so one can make payments monthly.
What is an easy way to reach a debt negotiation settlement?
The easiest way to deal with debt negotiation is to take care of it yourself. Make a list of money owed, and to what companies, call them all and offer them a payment plan.
Are there any free debt consolidation or debt assistance companies?
No debt consolidation will be free. All they do is pay off your debts for you, and then have you owe them the money. You still have to pay someone the money, and there is still interest gained on it.Debt settlement helps you in reducing your credit card debt & other unsecured debts. yourdebtfreeadvisor.com provides credit card debt settlement,tailor made plans for debt negotiation and giving you relief from your debts & taking the financial burden off your shoulder.
How is personal debt settlement different from debt consolidation?
When you consolidate your debt, you simply combine all of your debts into one loan to lower the payment or interest rate. Personal debt settlement is making an agreement with your creditors to pay them a lower amount.
Why stay away from debt settlement companies?
Settlement companies tend to get a bad rap mostly due to the business they're in, and the misunderstanding of the clients. Many think debt settlement companies reduce the overall balance owed immediately and 100% pay off can be achieved in an extremely short amount of time. This is not the case. The company sets up an account that you make payments to every month. Once there is enough in the account, they will contact your creditor (or collection agency) and attempt to settle by offering a lump sum that is less than the actual owed balance. In the meantime, however, they advise you to stop making payments on your cards and let them default. This can result in harassing phone calls, collection letters, litigation threats, etc. This is what leads many to dislike and/or distrust settlement agencies. Your credit takes a hit for a while, but can be repaired once the entire debt is paid off. Settlement is good for some situations, but not for all. A decent and concise FAQ can be found at swiftrock.com/faq. There are many more around the web as well. Just google it. In addition, once you stop paying on your credit cards, you might get sued. Debt settlement companies rarely provide attorneys to defend you in those lawsuits. Once a judgment is entered against you, it remains on your credit for years and can result in wage or bank account garnishments. In many cases a qualified consumer lawyer could have successfully defended the lawsuit or settled the account for less than the amount charged by the debt settlement company. Some debt settlement companies are staffed by unqualified individuals who do stupid things like settling debt that is time barred or debt that is held by debt buyers who do not have documents or witnesses to prove their cases in court and couldn't do so if their life depended on it. Some creditors refuse to deal with debt settlement companies and a contact by a debt settlement company could lead to a lawsuit that might not have been filed otherwise. Many consumers have expressed considerable frustration, disappointment and regret over their dealings with debt settlement companies.
