Debt settlement or debt negotiation is a legal process used by people or companies in debt to negotiate a settlement of an existing legal debt with their creditors. Debt Settlement is not the same as Consumer Credit Counseling or Debt Consolidation. Debt settlement is the consumer equivalent of a business hiring a turn around specialist to help them settle their debts with creditors and get the company back on track. Any person owing credit card debt, or any other debt, has the legal right to contact and negotiate with their creditors. However this practice takes time to master knowledge of the credit industry and sharp negotiation skills to get the maximum benefits.
Debt settlement companies correspond with creditors on a debtor's behalf and assists debtors by establishing a monthly savings goal for the settlement of the debts. Debt settlement can almost always be accomplished using the correct approach with a particular creditor. This can be done best by hiring an experienced third party. For the best results and least stress, have an expert, like Debt Liquidation Services, contact the creditors rather than trying to do it yourself.
Debt Settlement Quick Facts
It is rapidly becoming the top method for consumers to get rid of problem debt.
It involves independent companies that are not affiliated with your creditors or paid by your creditors like consumer credit counseling.
DLS charges a fee to get started but offers financing options.
The client's debt is paid off in anywhere from 15- 36 months depending on cash availability.
You will receive an 'open delinquency' on your credit until debts are settled.
Debt settlement affects credit much like debt consolidation firms except the settlement is ultimately paid by the consumer directly to the creditor, unlike with a consolidation company.
Debt settlement lowers your debt to income ratio more quickly than Consumer Credit Counseling, which represents a significant factor in your ability to quality for a loan.
(Free Consultation with a Professional Debt Specialist)
Debt Liquidation Services is successful because our Senior Debt Specialists are highly trained and motivated debt negotiators who carefully structure a debt negotiation action plan for each and every client. DLS's mission is to settle your debts while keeping you away from debt consolidation companies and the bankruptcy court. Your success also depends on a total commitment by you to work with our experienced staff as we form a partnership to settle your debt. Our Team has helped hundreds of people just like you get out of debt. Let us help you!
You will need to retrieve your creditor documentation (most recent statements) so that our Debt Specialist can assist you in a timely manner. You may be asked for details of creditors as necessary.
We will help you through this process - step by step. Call and speak with a Debt Specialist and see how you can count on DLS to settle your Debt and give you peace of mind!
STEP 1 - Building a Debt Settlement Plan for you
After determining the most comfortable debt settlement plan for you we will send you approved registration forms. The forms will provide us with your personal information as well as information about your creditors. After we process your information and establish your plan we will immediately start working on your case by contacting all your creditors.
We will assist you in communicating with creditors by providing you forms and letters that should reduce the call volume and/or collection attempts. This process will vary as creditors change their collection method from time to time.
Our Debt Negotiators will start negotiations with all your creditors to obtain the best settlement possible. Our Debt Negotiators are paid on commission, based on performance. They get paid more to get you the best settlement.
STEP 2 - Setting up an Affordable Low monthly payment plan
Debt Liquidation Services will work with you to determine an affordable low monthly payment to put towards your debt settlement savings fund. When a comfort level is met with the appropriate set monthly amount, these funds will be dedicated to your debt settlement. These funds must be set aside each month so that our debt negotiators can use the savings to negotiate a settlement with your creditors.
We provide a variety of programs to choose from depending on how fast you want to be debt free. Programs range from 15-36 months depending on the size of debt. Some cases may differ from others and one of our Debt Specialists will be able to provide you with actual requirements for your individual debt situation.
A DLS client service representative will contact you monthly to make sure everything is going as planned. If you have any new information or questions your client service representative will be happy to assist you at that time. You will also be given a direct line to call anytime with any concerns or questions you may have.
STEP 3 - Our process in settling your debt with your creditors
Working with creditors can be a timely process of negotiations between the creditor and our company who represents you. Our program is structured for you, and is set up so that when you have a reasonable amount of negotiating funds our debt negotiators will begin the process of getting you the best percentage off of on your total debt. Creditors know that approximately 30% of the almost 2 million bankruptcies last year occurred on debt that was current. Creditors do want to settle and it is just a matter of using the right negotiating strategies to accomplish the best result.
A copy of the debt settlement letter from the creditor is sent to you for your approval. After a settlement is agreed by both you and the creditor your personal debt settlement savings account will then provide the funds for the settlement. Remember, Debt Liquidation Services is working for you and not your creditor.
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