Debt Settlement Process

Submitted by www.Searchenginesurgeon.com
For www.1debtres.com
The Debt Settlement Process.


What kind of Debt can be settled?

There are several types of debt that can be settled with negotiation: credit card debt, medical and hospital bill debt, business loan debt, personal loans, utility bills, department store credit cards and generally any debt that is unsecured.

What is considered Unsecured Debt?

A debt that is not tied to any item of property. A creditor doesn’t have the right to grab property to satisfy the debt if you default. The creditor’s only remedy is to sue you and get a judgment.

Unsecured means unattached. Credit cards are just one example of unsecured debt. Whether they are Visa/MasterCard or local merchant or department store cards, most of these balances can be negotiated down to a fraction of what you owe. Unsecured signature loans and lines of credit (those not attached to personal property) will also qualify for debt settlement. Debts such as medical bills, automobile repossessions, old utility bills and past due rent are additional examples of unsecured qualified debt.

What Type of Debt can NOT be settled?
Student loans may not be negotiated in a debt settlement program, just as they would not be discharged in a bankruptcy.
Federal and State taxes owed are also not qualified to be entered into a debt settlement program. You must seek the help of a tax professional or tax relief agency to resolve this type of debt situation.
Child support and alimony cannot be settled for any reason.
Will Debt Settlement affect my Credit?
At this point if you are behind on any of your payments your credit is already being affected. A Debt Settlement process is the least damaging to your credit rating, especially when employed without a Third Party Assistance (TPA) notation on your credit report. This means that the company that you use to help you negotiate with your creditors will not be required to report your participation in their program to the 3 major credit bureaus, Experian, TransUnion and Equifax. THIS IS HUGE! Documentation of that nature will show that you gave up control of your finances and monthly obligations. It implies that you don’t know how to manage your money needed financial counseling and will affect you very similarly to Consumer Credit Counseling programs and Chapter 13 Bankruptcy.

What we do to help settle your debt.

Our Debt Settlement process negotiates on your behalf and develops a debt settlement plan or program. Our Debt Settlement Plan allows you to lower your monthly payments and pay off their debts in a relatively short period of time.
Your own personal debt relief professional who will take over all collection communications
A professional debt settlement negotiator on your side who will reduce your debts 40-60%.
A debt-free life within 12-36 months
A strategy to effectively knock out debts one at a time

A few Steps of the Debt Settlement Process.
Our Debt Settlement process usually involves a cycle of steps that are repeated until all creditors are settled.

Debtor starts saving money into a settlement fund.
Negotiations take place with creditors to settle the account in full.
Money is withdrawn from the settlement fund to settle the account.
This series of debt negotiations and payment cycles continues to repeat itself until your debts have been settled or satisfied.

Will my Creditors Settle?

Yes they will. Creditors are willing to settle only if they believe that payments in full will never happen or if you are potentially going to file for bankruptcy. Only in these particular situations will your creditor negotiate for partial payment on money owed. This means that we as your debt negotiator will have to be equipped with enough facts to persuade your creditor that debt settlement is the viable only payment option left. Typically, creditors will forgive between 10 to 70% of the amount owed.

Let’s take the next step together and put you on a track to becoming Debt Free. Contact on of our Debt Settlement Specialist TODAY. You can call 1.866.957.0231 or fill out our contact form
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