Never Pay Back Credit Card Debt - A Legal Option To Negotiate And Settle Unsecured Debt

Never Pay Back Credit Card Debt - A Legal Option To Negotiate And Settle Unsecured Debt

How many of you know that credit card companies conduct unethical business? How many of you know that the amount of interest and hidden charges that they impose are not justified? Yes, it is true that there are several charges and fees which are imposed on your card account which are hidden and you pay for those even when you are not supposed to pay. Therefore, it can be argued that not paying the credit card companies in full is completely ethical and that there are many ways which can be used to get rid of the credit card dues. There are legal options which can help you to do way without paying the dues in full. The best example of such an option is debt settlement. Settlement is a completely legal option where you can negotiate and settle unsecured debt for less.

If you are suffering from overwhelming debt and your debt has crossed $10,000, it is the right time that you opt for debt settlement and negotiate your debt for less. It is advisable that you hire a professional debt settlement firm to conduct the negotiation on your behalf. The reason why this method is deemed legal is that the government has come up with policies to motivate the creditors to agree for debt settlement deals and also there are new debt settlement acts in place which are targeted towards making the settlement industry a safer and better place for the consumers.

When you hire a professional settlement firm, the negotiator from the company will do all the paper works and will deal with the creditor. The negotiator will give advices and you will have to follow those and refrain yourself from doing something extraordinary and out of the box. Go delinquent when advised and stay quite. Let the negotiator take over from that point. The creditor will wait for sometime after delinquency and will then sell the debt to a collection agency. The creditor will be able to retrieve only 20-30% of the total money collected. The rest will be retained by the collection agency. This is when the negotiator will contact the creditor and offer 30-50% bulk repayment on the condition that the remaining will be erased totally. The creditor agrees and you will then have of pay 30-50% of the total outstanding. This is how you legally settle unsecured debt for less than what you owe to the creditors.

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.

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