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| Drowning in debt? Settle it! |
By:
Chad Sunyich |
|
. Debt settlement is a contract between the client and the settlement company to negotiate a reduced payoff of the client's unsecured debts; however, there are no guarantees! Many credit card companies will also offer a reduced payoff of your account, but they will require that you pay the full amount at the time of settlement and your account must be seriously delinquent before you will start receiving settlement offers.
If you are working with a good settlement company, you should be able to lower your monthly payments to as low as half of what you are currently paying. Each month these funds are deposited into an account that will be used to pay off your remaining balance owed upon reaching a negotiated settlement amount. Be sure to check that all funds are being held in an account that is in your name, and not in the control of the debt settlement company. Reputable settlement companies will offer a new bank account in your name to ensure protection of your money.
The cost for debt settlement ranges from $1,000 to $10,000. Most have a variety of fees from sign up fees to education fees. Some companies charge more fees upfront and less on each debt settled, while others charge little to nothing upfront and more on the settlement of individual debts. Most companies charge a standard 25% to 35% of the total principal saved on each debt. For example, if you have a $10,000 credit card debt and it is settled for $3,000, then you will have saved a total of $7,000. The settlement company will then charge 25% of the money saved or $1,750.
Consequences of Debt Settlement
Settlement is one of the most powerful forms of debt elimination and can reduce expensive consumer debt by 40% to 50%; however, there are a few drawbacks to consider. Debt settlement will have a long-lasting negative effect on your credit record. A good settlement company should be able to negotiate a full release of all the negative items relating to your account as part of the settlement offer, but again, there are very few guarantees with debt settlement. Also, creditor calls will not stop and often increase during a settlement program. These calls can spread to your extended family and even work, so be prepared to minimize creditor calls by using caller ID or changing your phone number. You may want to ask if your settlement company offers solutions to creditor calls before you begin the settlement process.
Please visit www.idealfsi.com for more information on debt settlement.
The author Chad Sunyich writes on how to settle your debts. He writes on debt settlement and remarks it to be the powerful form of debt elimination. He finely writes on Consumer debt, foreclosures and how to resolve them. Know more on financial freedom, credit card debt, retirement, etc. at www.idealfsi.com |
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