subject: Credit Card Debt Relief - A Legal Way To Avoid Repaying Plastic Money Bills In Full [print this page] Credit Card Debt Relief - A Legal Way To Avoid Repaying Plastic Money Bills In Full
There are several methods of credit card debt relief. These methods help the consumers to get rid of the painful unsecured debts and move back to a stable financial life. It is because of this reason that the consumers are looking for these credit card debt relief methods. However, there is a method that can help the consumers to legally avoid repaying plastic money bills in full. The only method that can help the consumers with this quest is the method of Debt Settlement. The method of settlement is deemed legal and it requires a minimum of $10,000 of unsecured loans to work.
When a consumer hires a professional settlement firm and goes delinquent on advise of the negotiator, the negotiator sends a settlement letter along with a repayment plan. The consumer then sits idle and does nothing. The lender makes a move and sells the debt to a collection agency after three to four months. The agency agrees to recover the dues but lays the condition that 70-80% of the recovered money will be retained by the agency and the rest will be given to the lender. The lender accepts the deal because there are no more alternatives left.
The negotiator then offer 30-50% repayment to the creditor and that the money will be paid in lump sum. However, the negotiator demands waiver of the remaining. The negotiator also threatens bankruptcy to the lender. The creditor then finds that the deal offered from the side of the consumer is far better when compared in terms of returns on investment and hence, accepts the deal and cancels the deal with the collection agency.
The creditor then waives at least 50% of the dues that the consumer has and signs a new agreement. The consumer then pays off the remaining amount of the money in bulk and gets out of the dues forever. This is a legal way to avoid repaying plastic money bills in full.
Debt settlement can make financial sense for consumers and small businesses that are experiencing a financial hardship and have at least $10k in unsecured debt. It is not the only option however. Check out the following link to speak with a debt relief specialist that can go over all your options for free.
