It is not uncommon for people to struggle with their debts. If you feel like it’s over your head, there’s help. One strategy that may be ideal for your needs is to try to cope. However, you do not have to do it yourself, because there are some very useful debt settlement programs. No matter how far you are in debt, there should be a solution.
What exactly * is * debt settlement and how does it work?
This is a form of agreement between you and your creditor (s), which is usually a bank or credit card company in which you agree to repay SOME of the money as a lump sum less than you owe, or several larger payments in less time, which is overall less than what you owe. There are many variables depending on the creditors, the total amount you owe, and whether you are trying to negotiate yourself or a third party will do it for you.
It is STRONGLY recommended that you turn to debt settlement programs so that you can take care of hard work, legal work and negotiations on your behalf. The settlement company may even recommend that you stop paying the creditors until a settlement agreement is reached. Once reached, the terms of at least one of the debts you owe will change a little more in a way that is fair to you. You must agree to the new terms and then make at least one payment of the agreed amount to the claimant or creditor. This is usually the case when a debt settlement professional starts charging you for his or her services.
The ideal settlement should be one that allows the client (you) to leave without having to pay the full amount of the debt. How much you can save depends on many factors, as mentioned above. It is best to choose a debt settlement / forgiveness program that has a great reputation and a lot of positive feedback.
Will obtaining debt settlement services have a negative impact on your credit report?
This is possible because any type of credit counseling / settlement / consolidation you choose can affect your credit score. Even if it initially damages your score, these types of solutions will give you a better chance of recovering and repairing your credit repair faster than if you tried to do everything yourself or let your debts not pay off.
What is the right company or service?
There are many debt settlement programs, but if there is one that you should really consider, it is CuraDebt. This company does not charge initial advice fees and you can request a FREE consultation / savings estimate.