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Debt Settlement

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Debt Settlement is a relatively new and aggressive approach to debt relief and is ideal for consumers that are truly struggling and/or can no longer afford to make their minimum credit card payments. Accumulations of debt can come from many different sources including credit cards, medical bills, department store cards, signature loans, unsecured lines of credit, and revolving debt. In a debt settlement, these debts can be combined into a single process with an immediate reduction of around 50% on the total amount of monthly payments due on all accounts in the plan. Instead of writing checks to a multiple of creditors, a single payment is made to an escrow or trust account where funds accumulate until there is a sufficient level to begin negotiations with creditors.



Debt Settlement Overview
Debt Settlement Process
Debt Settlement Program

Debt Settlement Overview

A process where a borrower engages a company both to negotiate reductions on principle owed and the monthly payments required to service that client’s consumer debt. Reductions in principle owed normally range from 40 to 60%. Complete payoff of the reduced principle owed takes from18 to 48 months.

Debt Settlement Process

The debt settlement process typically runs anywhere from 18 months to 48 months from beginning to end. The length of time in the settlement depends on the borrower’s ability to pay on a monthly basis. The greater the ability to pay, the shorter the time to settlement of all debts. The length of time to settlement is not the most important issue when setting up the pay schedule, however. What is most important by far is setting a payment schedule that can be maintained by the borrower.   

In a debt settlement, the principle amount of the debt is usually reduced by 40 to 60%. This principle reduction, combined with greatly reduced monthly payments and a relatively short time to full payoff of settled debts has made debt settlements an increasingly popular debt relief option.

The biggest advantage is that once the client has completed the plan, that client is “paid in full” and debt free on all settled accounts. Depending on the original size of the settlement amount, the savings on interest payments combined with the reduction of principle owed can actually run into millions of dollars when calculated over the typical timeline estimate for paying that debt in full.

To see what a debt settlement could mean to you and your family apply online today.


Debt Settlement Program

Debt settlement is an aggressive approach to debt relief that cuts consumers debt payments drastically while giving them a chance to catch up with, and pay off, credit card debt much faster than the other debt relief options currently available. When we finish a debt settlement for a client, the usual reduction of the total amount owed to a client’s creditors is forty to sixty percent. Reductions of that scale provide our clients with the ability to pay off their consumer debt in total in a time span ranging from eighteen to thirty six months. Many of our clients are delighted to find that the elimination of their debt is accomplished with monthly payments that amount to only fifty percent of what they were paying before starting the program.

The debt settlement program at 800 Debt Settle includes credit cards, medical bills, department store cards, signature loans, unsecured lines of credit, and revolving debt. Before embarking on a debt settlement process we will analyze all debt relief options to make sure that settlement will provide the most optimal results for your situation. We usually find that debt settlement, because of its flexibility in dealing with multiple sources of consumer debt and the steep reductions in principle owed often presents itself as the best option for struggling clients.

Once the debt settlement process is started, you will make one payment to an escrow or trust account per month where your funds will accumulate over time to give us enough money to make regular monthly payments as soon as each debt is negotiated and reduced. Staying current on your monthly checks is your only requirement during the entire process. We provide regular updates on how your debt settlement is going and our friendly staff is always happy to answer any questions you might have along the way. Along with staying current on monthly payments the best thing you can do is to stay committed to seeing the settlement through to its completion.

Debt settlement, for most people struggling with credit card and other types of debt, is often the best way to get back on their feet financially. Apply online today to take the first step toward eliminating your debt.

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