What is Debt Settlement?

Consumer CollectionsMany people are confused with debt settlement and they sometimes think that this is the same as dept consolidation. Dept consolidation is a little different. It is when you would make payments every month to the dept consolidator. The consolidators then take a small fee for their service and then pass you off to the creditor. This is where you would continue to make your payments too, so that they will continue to receive the money from the dept.

During a dept settlement, you who is the debtor would make your monthly payment. The dept settlement agency or company then take out their fee and your money is then placed into an account for special purpose. The creditor would not collect its money until you have settled. The dept settlement company usually tells you not to make any payment to the creditor until you have settled your case. Doing this will help push the creditor into having to workout a price that is usually lower than what you own. One of the problems with this is that you can worry about the creditors coming after you in court. This is considered one of there collection procedures that they take. If you would stop making your monthly payments, this could result in the creditors issuing different fines and interest on what you originally owed.

One of the best ways for the consumer to work on the dept is to hire out a dept settlement company. In most cases, dept settlement companies can really help that person. Most of the time is would cost a small fee or a monthly fee for their service and to represent you, just like a lawyer would. Some of the best settlement companies you should look for are the ones that wont charge you until the case is taken care of and finished. Therefor the company wont charge you during the time that it's working with the creditor, saving you some money in the process.

Since that the economy is in turmoil, many people are looking for dept settlement companies. Mainly because the consumers have a bulk dept from overused credit cards and such like this. Since these settlement companies work so much with the credit card companies, they have a faster rate of coming to an agreement over the consumers dept. This can happen to be a win win for both you and the dept settlement company.

To get started today, call our toll free 1-877-680-6064 to speak with an associate or fill out the form below and we will contact you within 24 hours.

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