Need Debt Consolidation Help?
ADVERTISEMENT
More detail from this advertiser: Why use CareOne to consolidate your credit card debt?
Looking on the Internet for a list of companies offering consolidation and debt relief programs?
Visit our debt consolidation service section for advertiser listings for firms that offer debt help services.
Some of the types listed: unsecured loans | credit debt counseling | refinance | debt reduction | commercial debt help
Site Navigation:
Debt Consolidation : Debt Relief : Overview of Debt Settlement as a Debt Relief Program
Find a company providing services locally.
Debt Settlement Programs (Overview)
Debt Settlement: An aggressive form of debt relief which may be appropriate for individuals whose debts total in excess of $10,000. Under a debt settlement program, a settlement company will negotiate with creditors to lower the outstanding balance. This service differs from that offered by debt management companies where the credit counseling agency negotiates lower interest rates. What this means for consumers is that if successful, you can walk away paying less than you owe to settle your debt. It is important to note that some creditors will never settle for an amount less than owed and do reserve the right to take legal action against the debtor.
Monthly payments made under a debt settlement program are placed in a settlement fund in anticipation of reaching a settlement with creditors. The funds are not distributed to creditors on a monthly basis as in debt management programs. You build up a settlement amount in monthly increments, which can be more affordable for the average consumer. However, as with any process where you negotiate the balances on outstanding debt, your credit may be negatively affected.
Was Overview of Debt Settlement a good source of helpful information to you?
If you feel that others may benefit, please add this web page to your bookmark list or send the URL to them.
