Debt Settlement

Debt settlement is the process of aggressively paying down debt so that you are rid of it in a general short amount of time. Because debt settlement is very aggressive, this option is best suited for consumers that are 60, 90, 180 or more days past the monthly due date.

For all intent and purposes, debt settlement can ding your credit score, but if you already have one late payment or more, you credit scored has already taken a hit. Moreover, if your credit score has been damaged, debt settlement can, in some cases, raise your score.

Since you legally settle your debt, which means a percentage of it has been paid off; the account is then removed from your record. It's like it never existed. When you apply for debt settlement though a certified company, you will be required to create an account with the company. That account will act like a savings account and when you have collected enough money, the settlement company will contact your creditors to negotiate a settlement agreement. Consumers who settle their outstanding accounts can usually do so at 40% to 60%, which is typically the most common, but every situation and company is different.

Debt settlement is a wonderful option for consumers that have multiple lines of credit, but have one or two that have gotten out of control. If you are interested in debt settlement, call us at 1-800-562-6737 or complete the application for to get in contact with a Senior Debt Specialist. We can help you craft solutions and budgets so that you can cut debt out of your life.