Helping Improve People’s Lives
The average Amеrісаn hоuѕеhоld hаѕ оvеr $15,000 of сrеdіt card dеbt. Mаnу оf thеѕе fаmіlіеѕ аrе struggling tо mаkе the minimum monthly payments, and ѕоmе аrе uѕіng credit card resources tо cover dаіlу lіvіng еxреnѕеѕ such аѕ grосеrіеѕ, trаnѕроrtаtіоn costs, and mеdісаl со-рауѕ. Dеѕріtе improving есоnоmіс соndіtіоnѕ, more аnd mоrе сrеdіt саrd users аrе rесеіvіng рhоnе саllѕ аnd lеttеrѕ frоm сrеdіtоrѕ thаt their payments аrе раѕt duе. If уоu have extensive stress related to debt, nоw іѕ thе time tо stop thіѕ dеѕtruсtіvе cycle аnd get thе help you need frоm a debt rеduсtіоn рrоgrаm. Thіѕ page will teach уоu the рrіnсірlеѕ оf dеbt ѕеttlеmеnt, one оf thе most popular fоrmѕ оf dеbt relief.
What іѕ dеbt ѕеttlеmеnt?
Debt ѕеttlеmеnt—аlѕо known аѕ debt аrbіtrаtіоn, debt nеgоtіаtіоn, debt restructuring оr сrеdіt ѕеttlеmеnt—іѕ a dеbt rеlіеf аррrоасh whеrе negotiators соmmunісаtе wіth сrеdіtоrѕ on уоur bеhаlf to ѕеttlе уоur debt for rеduсеd аmоuntѕ. Onlу unѕесurеd debt—credit cards, mеdісаl bills, and реrѕоnаl lоаnѕ—саn bе negotiated. Yоu саnnоt ѕеttlе mortgages, rent, utіlіtу bіllѕ, іnѕurаnсе premiums, саr lоаnѕ, student loans, аlіmоnу, child ѕuрроrt, tаxеѕ, оr сrіmіnаl fines.
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What You Need to Know
Most people don’t have a clear understanding of the debt settlement process before applying. Debt negotiation has been around for a long time and has benefited a significant number of families and individuals. It’s undoubtedly true that debt negotiation will put you in a better position by reducing and ultimately eliminating your debt. However, it’s not easy. Below are a few items you should keep in mind during the debt settlement process:
- Your creditors may not accept all your terms
This is what most debt settlement firms won’t tell you before you hire them, but it’s true. The creditor has the final say in the negotiation process and they may say no. However, when each client file is professionally presented and negotiations are correctly conducted, creditors show flexibility and agree to our terms. Just like everything in life, when you have a team of experts behind you, you don’t have to worry about results. We will review your financial position and achieve the best terms for you.
- Negotiating your debt
The truth is that debt settlement is not for everyone, but is specifically for those who are in financial hardship. Debt settlement is a government approved program which allows debt relief through the debt negotiation process. It’s your duty to find yourself a good debt settlement firm that can put you on the right financial track and help you conquer your credit related debt.
- Creditors’ perception of the debt negotiation process
For most creditors, debt settlement is time consuming, tedious, and not very lucrative. They would rather end the process sooner rather than later, as it is to their advantage not to draw out the process. Sometimes they’ll reduce your debt, decrease their interest rate, or even charge-off the debt.
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Things You Must Do During Your Debt Settlement Process
When your debt has been negotiated with your creditor, it is of great importance that records are kept and transparency is maintained. During the debt negotiation process, we advise our clients on what steps to take at different stages of the negotiation process. Here are 3 things you must do during this process:
- Stay organized and keep your records
It’s important that you keep records of your debt negotiation process because at some point evidence may be required to set things right. You have to know that the success of every debt negotiation depends on focused effort and diligence. If you can, we encourage our clients to keep written records and try to take down every important contribution that was made, along with the creditor’s name. You must keep copies of your debt letters and all communication between you and your creditor. You would also be keeping track of your phone conversations with your creditors.
- Exercise patience and believe in your negotiator
If you have hired a debt negotiator to deal with your creditor, you have to be very patient and transparent with your negotiator. Let them know your financial abilities and how you plan to save the money. Don't hire a debt negotiator if you can’t open up about your balance. If you have no intention of paying off your debt, it could put you into a detrimental situation. It’s a general rule that creditors are not usually willing to negotiate with debtors at first, but as time passes by, they will grow impatient and finally come to the negotiation table.
- Both parties must sign an agreement to show commitment
As an ethical and experienced firm, we put all agreements in writing after the debt negotiation process and get both parties to sign. The agreement would not be sealed based on word of mouth promises as a written agreement is absolutely imperative. Your creditor must accept all terms and must be willing to commit to those terms.
Lastly, you can always contact our office for a clear and concise understanding of the process at any step of the way. Find out how we’ve helped thousands of people get out of debt. Our rates are pocket friendly and our services are second to none.
Why Hire Us?
When you enroll your debt into our restructuring program, we go to work for you and present your financial hardship file to your creditors with a new payment plan. Being in business for many years, we’ve developed a strong relationship with most creditors, who say YES. We also happen to enroll millions of dollars of debt into our program every year, which allows us to settle in bulk when we’re working with your lenders, resulting in some of the most competitive settlement rates in the industry. We are persistent and negotiate the best payment plan for our clients. Our proven results make up a track record that speaks for itself. Last but not least, our customer service is second to none. Too often, a struggling consumer enrolls into a debt settlement program to find themselves lost due to lack of good customer support. Our policy is to excel in serving our clients, so that each and every one of our customers is literally hand held and kept abreast of their file throughout the entire course of the program. This is how we are able to maintain one of the highest customer retention rates in the industry.
Not all debts are eligible for enrollment due to our underwriting guidelines. Clients who make all their monthly program payments pay approximately 42% of their enrolled debt balance before fees or 67% to 71% including fees, over a term of 1 to 60 months. Our service fee is approximately 20% to 25% of the enrolled debt amount enrolled. Not all clients complete our debt relief program for various reasons, including their ability to save sufficient funds while in our program. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of debt settlement. Please read and understand all program materials prior to enrollment, including potential adverse impact on credit rating. We look forward to assisting your shortly in settling your debts at Strategic Debt Relief 1711 Kings Highway, 2nd Floor, Brooklyn, NY 11229.