subject: Unsecured Debt Relief - How Consumers Can Legally Eliminate Unsecured Debt [print this page] Unsecured Debt Relief - How Consumers Can Legally Eliminate Unsecured Debt
Unsecured debts can be eliminated through debt settlement. There are certain guidelines that a consumer has to follow in order to get a debt settlement offer. First of all, stop making your payments. When you are making payments, you will not get any attention of the company. So you will have to stop making the payments till three months. After three months, you may get a phone call or warning letters. If you do not respond then they will send their debt collectors. Now you will be able to convince them that you are suffering from severe financial crisis and you cannot pay the debts. Sometimes, these credit card companies have already given instructions to these debt collectors about the debt settlement. If you don't succeed then you should definitely hire a debt settlement company or a professional attorney because they can solve your problem quickly.
If you want to get a settlement offer as soon as possible then I will recommend you to get help of a professional. They deal with these kinds of cases on regular basis. They know all the tactics to find a better settlement quickly. There are many companies that entice innocent people by false statements and online advertisements. You should try to consult a legitimate company. A company's legitimacy can be checked online at the website of Better Business Bureau. You can view profiles of all those companies that have accreditation with the Better Business Bureau. Complaints filed against these companies are also listed with their profile. So, it is easy to choose a better company. There is no specific percentage of loan elimination but it is in range of 40-60%. Actually this percentage depends upon your settlement company. If you have good relations with a settlement company then you can get more than above percentage eliminated. On other hand, any settlement company is not allowed to take fee before the settlement is done and satisfactory results are not gained. This law has been made to protect credit card users from illegal companies.
If you have over $10,000 in unsecured debt it may be a wise financial decision to consider a debt settlement. Due to the recession and overwhelming amount of people in debt, creditors are having no choice but to agree to debt settlement deals. To find legitimate debt reduction help in your state and get free debt advice then check out the following link.
