Debt Settlement Facts – What Your Creditors Don't Want You To Know
Some of you who are tired of having to ignore the phone when it rings, or are even scared answer the phone, may have heard about debt settlement. You've probably been wondering if it's the right thing for you, or if it's just one more person try to make money off of your problem. To help clear up some questions you might have, here are some of the debt settlement facts that you should know.
First of all, debt settlement is not some scam. It's basically when the companies that are trying to collect a debt offer you a compromise. They're willing to forgive the debt in exchange for a portion of it, sometimes as little as 50% of the actual debt! Obviously, not all settlements will be that low, but it can happen.
Next up in our debt settlement facts is something of a myth. And this is that settlement will remove debt from your credit history. This is simply not true. While it will definitely help your credit score and improve your credit history, creditors will still be able to see that the debt went to collections. Also, depending on how it was reported; the debt can either be reported as paid in full or settlement. Either one will improve your credit score, so it's not worth fighting too hard for.
The last of the debt settlement facts that you should know is that you do not need some company to do this. You can do it all on your own. That being said, if you have a lot if debts with different companies, or just one large debt; it might be worth it to find a specialist to help negotiate your debt settlement to get the best deal for you.
I highly recommend that you first start off with a
free debt evaluation in order determine the best course of action based on your financial situation.
Some of you who are tired of having to ignore the phone when it rings, or are even scared answer the phone, may have heard about debt settlement. You've probably been wondering if it's the right thing for you, or if it's just one more person try to make money off of your problem. To help clear up some questions you might have, here are some of the debt settlement facts that you should know.
First of all, debt settlement is not some scam. It's basically when the companies that are trying to collect a debt offer you a compromise. They're willing to forgive the debt in exchange for a portion of it, sometimes as little as 50% of the actual debt! Obviously, not all settlements will be that low, but it can happen.
Next up in our debt settlement facts is something of a myth. And this is that settlement will remove debt from your credit history. This is simply not true. While it will definitely help your credit score and improve your credit history, creditors will still be able to see that the debt went to collections. Also, depending on how it was reported; the debt can either be reported as paid in full or settlement. Either one will improve your credit score, so it's not worth fighting too hard for.
The last of the debt settlement facts that you should know is that you do not need some company to do this. You can do it all on your own. That being said, if you have a lot if debts with different companies, or just one large debt; it might be worth it to find a specialist to help negotiate your debt settlement to get the best deal for you.
I highly recommend that you first start off with a
free debt evaluation in order determine the best course of action based on your financial situation.
Debt Settlement Facts What Your Creditors Don't Want You To Know
By: jerryarcher
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