subject: Cut Your Debt In Half - Which Debt Relief Firms Can Get You The Best Deal? [print this page] With the economy going on a downward spiral people had to get loans and cover their expenses. This led to another disaster, the massive number of bankruptcy files people used to get rid of their debt. The government managed to control this by implementing what is called debt settlement. This option helps people negotiate their debt and get a reduction of more than 50%. However, before deciding to choose this you should know more about how you can get the best deals and what type of debt relief firm you need to do the negotiations in a way you will win more money.
Choosing a professional company should be your first priority because that is the type of company that will get you a big reduction, and some even reported a 70% reduction. You need to know that these companies are usually very busy, so you might have to wait a while until your case is resolved. Don't wait until the last minute to apply for debt settlement if you really want to do this the right way. Make sure that you have a plan and that you still pay the installments each month. This way there is no reason for the creditor to sue you. Most people think that as long as they applied for debt settlement they can stop paying the creditor but this has nothing to do with the debt settlement process. Until the company starts the negotiations you will have to pay the creditor because it might take a while before your case is resolved and the creditor is allowed to sue you if there were no payments in the last 60 days. Delaying your payments is ok but not paying at all can be counterproductive.
Professional debt settlement companies will also take care of all the documentation needed to be done for the process, so you shouldn't worry about that. Also, they will give you financial advice before and during the process to make sure that you made the right decision regarding your debt. You need to make sure that you think twice before choosing a debt relief method and you have to gather information about it before hiring a company if you don't want to make any mistakes.
Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement. To locate legitimate debt settlement companies in your state check out the following link:
Cut Your Debt In Half - Which Debt Relief Firms Can Get You The Best Deal?
