subject: Legal Financial debt Relief Choices – Financial debt Agreement Vs. Credit Counseling [print this page] Authentic debt relief alternatives have made the debtor to have a sign of relief from being the victim of fraud cases. Earlier, so many cases have come to notice, where people have been cheated by the fake promises. The initiative taken by FTC (Federal Trade Commission) is very impact full for making the entire process of financial debt agreement and credit counseling more synchronized and mannered. Now, there are so many available alternatives in front of the debtor, he can choose the right alternative as per his case.
Legal financial debt relief choices have given a great strength to the financial market and also to the interest of the debtors, creditor and vendors. There are various options available with the debtor to choose like debt settlement, debt consolidation, filing for bankruptcy etc. Debt settlement has been the best choice for the debtors as it is more result oriented. In the process of debt settlement, a negotiation is made with the creditor and he is explained about the existing reasons why he is not able to pay the money on time. He is convinced to accept a considerable amount rather than taking the full. The extent of the rebate given in the total amount of the debt; mostly depends on the norms and also on the way it is carried on. There are several people who have taken this work as a profession. Their main job is to assist people in getting the possible rebate in the debt. Many businessmen have taken it as their business and are getting good response in terms of business return too.
Debt consolidation is another alternative in the series of legal financial debt relief choices. In this process, generally one merges his all small scale loans and presents it into an integral form. Doing it in this way, he gets rebate on the overall amount. Although, most of the people follow the debt settlement option as it offers them a good extent of rebate. After a successful debt settlement, one can get the rebate up to 50 to 60% which is considered to be a good rebate.
