Federal Debt Settlement Relief Laws - How To Legally Settle Bad Debt
Federal Debt Settlement Relief Laws - How To Legally Settle Bad Debt
If you have bad credit card debt, you need to get out of the same as soon as possible. The best thing that you can do to get this done is to opt for debt settlement program. A settlement program will eliminate at least 50% of the dues that you have and you will have to pay the remaining amount of the money to the creditor in bulk.
Here is what you need to do to ensure that the credit card dues are eliminated as soon as possible:
Combine all your card dues to one card and make sure that the overall money that you owe to your creditors is $10k or more.
Hire a settlement firm. Make sure that the firm is legit.
Give all necessary information to the negotiator for the creation of a repayment plan.
Stop repaying the creditor on advice of the negotiator.
Sit back and watch!
Once the negotiator has the repayment plan in place, the creditor is informed that you will not be able to repay the dues anymore and that you are are looking for settlement. The creditor will first not pay a heed to this will sell the debt to a collection agency for recovery. The negotiator then offers the creditor a repayment of 50% of the total dues in lump sum. To force the creditor to agree, the negotiator will use the trump card and will threaten the creditor of bankruptcy. The creditor will agree and will wipe out a minimum of 50% of the dues. This is how you legally settle bad credit card debt.
With the new FTC laws recently passed, debt settlement is a legitimate alternative to filing bankruptcy. Creditors are ready to negotiate and now you won't have to pay a fee unless your debts actually settle.