Legal Debt Settlement - How To Legitimately Settle 50% Of Your Credit Card Debt

Legal debt settlement is available

Legal debt settlement is available. There are ways to legitimately settle 50% or more of your credit card. You will not be doing anything illegal in away. There are programs out there to help consumers to settle their debt and to stay debt free as well. These programs may be called debt settlement, debt negotiation or credit counselors even. These companies work with you and the creditors to eliminate the debt permanently and to help put the consumer on a repayment plan that they can actually pay back.

Legal debt settlement means that the debt settlement company will go over all the financial documents of the consumer. They will look at every bill and expense that the consumer has. They will also look at other payments they are obligated by the courts to pay, such as alimony payment, child support or other court ordered payments. They will look at how much money the person has coming in every month as well. They will take all this information into consideration when creating the repayment plan. This is an huge advantage to using a credit counselor, they create the repayment plan for the consumer, based on what the consumer can actually pay comfortably and without falling behind again.

A legal debt settlement company will also send all the letters and documents to the creditors. They will do all the talking to the banks and credit card companies. There will never be any contact any longer between the consumer and the creditors. The credit counselor is the go between essentially. They handle all the negotiations and working with the creditors. They will send an initial letter to the creditors informing them that the consumer has gone on to a debt settlement program and give them the repayment plan as well.

Part of the repayment plan to reduce the debt by 50% or more is that the credit counselor removes all the fees, charges and interest that has been tacked onto the original amount owed. They eliminate all these and then work with the creditors to reduce the amount owed further. So that the debt left that is owed is 50% or less of the original amount. They will continue to work with the creditors until they agree to the repayment terms that have been set forth.

Once the banks and credit card companies agree, there is a debt settlement agreement that the consumer signs. This is stating that the consumer will pay the amount agreed upon and that the bank agrees as well. It is simply a contract between the bank and the consumer that the debt will be paid for the set amount and the creditor will not go after the creditor for any additional money or take them to court for any other monies. That once all payments have been made, then the debt is paid in full.

Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement. Check out the following link to locate legitimate debt help in your state.

Legal Debt Settlement - How To Legitimately Settle 50% Of Your Credit Card Debt

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