Legal Advice to Get Out of Debt - A Proven Way to Eliminate Unsecured Debt

Legal Advice to Get Out of Debt - A Proven Way to Eliminate Unsecured Debt

Debt settlement is always a legal advice to get out of debt. This method has outpaced the traditional method of bankruptcy and has gained popularity because it eliminates the negative impacts which are associated with bankruptcy. Also, the method of settlement takes the minimum time to help the consumers to get out of debt. Let us find out what exactly happens during the process and how the negotiation happens.

The Process Explained:

Settlement requires that you must have an overall unsecured debt of $10,000. Anything less than that amount will not work out and you cannot opt for settlement. Also, the method requires that you must have the loan consolidated in one single place. If the debt is scattered over various creditors, you need to take steps to consolidate the same.

It is better that you hire a professional settlement company for negotiating with the creditor. This is advised because, if you go for negotiation by yourself, the creditor will take advantage of your ignorance about the functioning of the banking system and the maximum elimination that you get is only 30% maximum. Whereas, if a professional settlement company negotiates on your behalf, you can get an elimination of up to 70%.

Once you hire a professional settlement company, the negotiator from the company will advise you to stop paying the creditor in order to prove that you are in financial crisis. This might be a difficult decision but you need to make it. The creditor when stops receiving payments for 3-4 months, it sells off the debt to a collection agency for 20-30 cents on each dollar.

The negotiator then contacts the creditor and offers a better deal of 30-50 cents on the dollar. The creditor finds it to be better because it means 100% ROI for the collection agency. The creditor agrees to the deal and eliminates at least 50% and up to 70% of the debt that you have. This is a proven way to eliminate unsecured debt!

There are many debt settlement companies out there and not all of them are legitimate. That's why it's so important for consumers to use debt relief networks. These networks offer free help to determine what the most appropriate debt relief option is for you. They will give you an unbiased opinion and point you in the right direction whether it is debt settlement or another option.

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