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      December 10, 2018

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Benefits of Debt Settlement

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What To Do if You're In Debt

 

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Top 5 Benefits of Debt Settlement

If you have the finances to accomplish debt settlement, you can get out of debt quickly and permanently. As the name implies, debt settlement refers to an amicable agreement reached between yourself and a creditor for either one lump sum, or a structured payment plan, in order to achieve a discounted payoff on an account. Below are five reasons to consider this option for getting back on the road to financial freedom.

Say goodbye to your bills. With debt settlement, your bills are gone for good. In most instances, a settlement will result in the creditor closing your account. While this may seem difficult, especially if you have become reliant on your credit card(s), it will prevent you from using them again in the future and rebuilding a mountain of debt. Debt settlement you to wipe the debt away permanently.

Your phone will stop ringing. If you have ever been late with one or more bills, then you already know that creditors begin calling at 8 a.m. and are not legally required to stop calling until after 9 p.m. at night. Depending on how many bills you are behind with, your telephone may be ringing at all hours. This is not only unnerving to you and your family, but it gets even worse when the collections department makes you feel terrible about your situation. With debt settlement, the phone will stop ringing because you will no longer owe anything on a settled account.

Avoid legal action & bankruptcy. Depending on the amount of debt that you owe to a particular creditor and the severity of the delinquency, they may pursue a civil judgement against you in order to recover payment. Once a judgement is entered, the creditor can petition the court for permission to garnish your wages, attach to your bank account or other legal methods used to collect a debt. A debt settlement will prevent this from happening and will ease your mind about ever getting served with lawsuit papers. In addition, settling your debts will enable you to prevent the filing of bankruptcy, which is a stressful process and the worst blemish that you could have on your credit report. While a bankruptcy will remain on your credit file for up to 10 years, a debt settlement will expire after 7 years.

Improve your credit score. How can debt settlement improve your credit score? At first, it may not help that much. But compared to the alternative of continued late or missed payments, mounting debt related to late fees and penalty interest, a settlement will be much better for both you and your credit report. At the very least, debt settlement will show that you have attempted to repay your debt(s) and, at best, your credit score will improve as you slowly begin to rebuild your credit.

Eliminate your debt at a fraction of the balance. With debt settlement, you agree to pay the creditor one lump sum, or structured payments, to eliminate the debt altogether. In exchange, the creditor agrees to accept a fraction of the balance as full payment. Quite often, you can settle a debt for as little as 20% on the dollar, which means a $10,000.00 debt could potentially be settled for $2,000.00. If you were to continue making payments on that same account, combined with interest rates, you would likely end up spending $20,000-30,000 before finally reaching a zero balance. With debt settlement, you are not only saving the obvious difference between the balance and the settlement amount, but you may also be saving a considerable amount of money in interest.

Why, When, Who The Important Questions About Debt Consolidation

Getting started on the debt-consolidation journey requires asking a few important questions: 1. Why should I use debt consolidation 2. When should I use debt consolidation There may come a time when ...

Published:  Sun, 09 Dec 2018 06:05:00 GMT



Sonoma County executive arrested for student loan debt relief scheme

A Rohnert Park CEO is accused of operating a fraudulent student loan debt relief scheme. He's expected to be in court Monday. Authorities arrested him at SFO Wednesday as he was headed to Cancun ...

Published:  Fri, 07 Dec 2018 18:42:00 GMT



Do You Qualify For Debt Relief

In earlier posts, we've devoted considerable time and energy to discussing common debt related terminology. We've discussed terminology associated with debt consolidation, for instance.

Published:  Thu, 06 Dec 2018 11:03:00 GMT



Tips To End The Year On A High Note Shared By National Debt Relief

There are a number of consumers who are trying to end the year right that is why National Debt Relief shares tips to accomplish that. The article titled "How To End 2018 With Your Finances On A High N...

Published:  Thu, 06 Dec 2018 15:06:00 GMT



Settlement to provide $1M in debt relief for Arizona consumers

Arizona Attorney General Mark Brnovich, along with his counterparts in 41 other states and the District of Columbia, reached a settlement with California-based Encore Capital Group Inc. to reform its ...

Published:  Tue, 04 Dec 2018 13:23:00 GMT



Tips For A Budget-Friendly Holiday Party Shared By National Debt Relief

Christmas is fast approaching that is why National Debt Relief shares some valuable tips on how to organize a cost-efficient holiday party. The article titled "Host A Budget Friendly Holiday Party Wit...

Published:  Sat, 08 Dec 2018 07:01:00 GMT



Debt Consolidation Guide

Whether you're drowning in credit card debt or scrambling to pay student loans, debt consolidation can help get your finances back on track. By combining several debts into one, you may be able to red...

Published:  Fri, 30 Nov 2018 12:30:00 GMT



Affordable Winter Travel Destinations Shared By National Debt Relief

A lot of people are eager to get on a vacation during winter that is why National Debt Relief shares some tips to do make it an affordable plan. The article titled "Best Winter Travel Destinations For ...

Published:  Fri, 30 Nov 2018 07:09:00 GMT



Sonoma County finance executive arrested in $28 million student debt relief scheme

The "Follow This Story" feature will notify you when any articles related to this story are posted. When you follow a story, the next time a related article is published - it could be days, weeks or m...

Published:  Fri, 07 Dec 2018 07:45:00 GMT



Executive arrested in $28M student loan debt relief scheme

SAN FRANCISCO (AP) - An executive charged with bilking consumers out of $28 million in a student loan debt relief scam has been arrested in San Francisco. The U.S. attorney's office says ...

Published:  Thu, 06 Dec 2018 19:47:00 GMT



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