Can I Settle a Debt for Less than I Owe?
The quick answer is: Yes! The whole goal of debt settlement to pay less than you owe and that is what all the debt settlement companies promise will happen.
It’s actually somewhat possible to do this yourself, but that could be very risky if you’re not experienced at driving a hard bargain. The creditor – or, more likely, the debt collection agency – has done this plenty of times and could use intimidating tactics to scare consumers into paying the full tab.
That’s where our debt settlement service stands out. We have enough experience not to be intimidated and to negotiate a settlement that will provide real savings and an opportunity to start over!
What is debt settlement? This form of debt relief is another option to bankruptcy or falling deeper and deeper into debt from all the late fees. It involves using an experienced professional to negotiate directly with your creditors in an effort to help you get debt-free as quickly as possible. Using a knowledgeable debt settlement specialist can give you the several advantages. Click below to learn more about these advantages!
Debt Management Plans
In credit counseling, agencies can set up low-interest debt management plans so that borrowers can pay off unsecured debt over time. A debt management program (DMP) reduces your monthly payments so you can eventually pay off your debt in full.
In debt consolidation, a borrower takes out one big loan to pay off smaller debts, typically achieving a lower interest rate in the process. A debtor will pay one bill every month instead of several bills, but if they are unable to pay the consolidated, secured debt, there is no more wiggle room.
You & Your Debt
Nearly every American – young or old – will deal with debt at some point. Debt often begins to accumulate during college with credit-card debt, then accumulates with car loans and student loans. Mortgages and medical bills may add more debt. Many times debt follows people into retirement. It's important to take a close look at how debt is affecting your life.