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Debt settlement is a process where the debtors are given an opportunity to negotiate and reduce the outstanding debt by 40-60% of the amount they owe. The creditor forgives the remaining debt thereby helping the debtor to clear the debts faster.
Debt settlement companies offer a settlement program wherein they negotiate with either creditors or collection agencies to settle debts for less than what one owes. These companies charge an upfront fee for the services rendered. The debt settlement companies charge 25-35% of the debt balance that is forgiven. The fees are based on the total amount the debtor owes, the number of debt accounts and the amount that is saved by settlement. The program usually takes 2-4 years depending on the total debt amount.
The process works as follows: The debtors send monthly payments to the settlement company, which will deposit the funds into a trust account .Once enough funds are accumulated, debt settlement companies negotiate with either the creditors or the collection agencies and attempt to stop all collection efforts. Credit card debts, Medical bills, gas/store cards, personal loans etc can also be settled through the debt settlement process. Tax debts, alimony, child support, mortgages, car loans ,federally insured student loans and unsecured credit cards are excluded from the settlement program.
Advantages of Debt settlement