Debt Settlement Programs - Learn How They Work

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Author: . Stevens" href="http://www.articlesbase.com/authors/john-m.-stevens/277552.htm">John M. Stevens

Debt settlement programs arent a viable option to get out of debt for every consumer, but for the right one, it can save him a lot of time and money. Like most financial options to pay off your debt, so as to enroll in reliable debt settlement programs, consumers need to go through different stages. This article quickly outlines each one of these steps and the main actions involved in each one. 1st STAGE: Is Debt Settlement Right for You? In these times of economic crisis, there are different financial options to pay off your debt, but while one option may do wonders for some consumers, it might not work for others. Debt settlement is no exception to the rule. Depending on your amount and type of debt, debt negotiation could be your path to financial freedom. Thus, once you contact a reliable debt settlement company, a Debt Consultant will ask a series of questions to evaluate if you could benefit from debt settlement or if it isnt the right financial alternative for you. A quick 10-minute consultation over the phone should do the trick. Therefore, if a settlement company automatically enrolls you in their program, dont accept. A pre-screening process is necessary so as to make sure you wont be wasting your time and money in an alternative that doesnt adjust to your specific needs. If a company doesnt pre-screen you before enrolling you in their program, it could be a scam. 2nd STAGE: What Can You Afford To Pay? Together with a Debt Consultant, youll design a plan that meets your expectations but that, at the same time, you can afford to pay. Be straightforward with the Consultant about how much you can really afford in order to reach the best possible results. 3rd STAGE: Send In Your Financial Paperwork The Debt Consultant will ask you to send in your financial paperwork to examine your case in detail and make sure debt settlement is the right path to follow. Some of the paperwork you might be asked to send in will most likely include your credit card monthly statements. Hence, gather them before calling the debt settlement company so things will go smoother. 4th STAGE: Pre-approval After going over your paperwork, The Debt Consultant will examine your case and decide if youve been pre-approved. Hell mainly look into your amount and type of debt to make sure it can be settled. Also, hell verify the company currently settles unsecured debt with your creditors. 5th STAGE: Fill Out Some Legal Forms The Debt Consultant will ask you to fill out some legal forms previous to your enrollment. Some of these forms, such as a Power of Attorney, are required so as to complete the program. A Power of Attorney, for example, enables the settlement company to negotiate with your creditors on your behalf. 6TH STAGE: Compliance Call Once you send in your forms, youll arrange with the Debt Consultant a day and time to receive a call from a Compliance Officer. The Officer will go over the program with you to make sure you understand how it works. Also, hell verify all the paperwork regarding your case has been sent in and nothing is missing. 6th STAGE: Enrollment In the Program After the Compliance Call, if everything appears to be in order and no document is missing, youll be enrolled in the program! Be Wary Of A Debt Settlement Company That Automatically Enrolls You If a company enrolls you in the program the minute you call, dont trust your business to them. Like I explained earlier, legitimate debt settlement programs require consumers to go through a series of stages before enrolling them. If a negotiation company offers to automatically accept you without pre-screening you first, decline the offer. It could be a scam. Instead, contact a reliable company thatll evaluate your case in detail before making a final decision. About the Author:

Read past settlement letters from real clients with real savings to have an idea of how debt settlement could help you.

Call a reliable debt settlement company such as Kirkland Green today for a 10-minute

free debt consultation to learn if debt settlement is the right option for you.

John M. Stevens is a Financial Advisor for Kirkland Green, a Debt Settlement Company located in Irvine, California. Kirkland Green has a highly trained staff of Debt Consultants and counts with established relationships with financial institutions and creditors throughout the US. Kirkland Green is a member of The Association of Settlement Companies (TASC) and the United States Organization for Bankruptcy Alternatives (USOBA).

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