Debt Negotiation and Debt Negotiation Services
When it comes to bad debts, you shouldn’t beat yourself up about it. You’re not the first person to incur bad debts and when this happens, you need to leverage on debt negotiation.
What is Debt Negotiation
Debt negotiation or debt settlement (they are the same) is the process of negotiating your debts with your creditors so you can pay a reduced amount to settle your debts.
This service is implemented by a debt negotiation company that will act on your behalf by negotiating a debt settlement with your creditor(s) and reach a compromise that allows you to pay a reduced amount.
The act of paying a reduced fee instead of the original amount you owe can be exciting and give you some breathing space.
However, you should understand that there are some risks involved in debt negotiation like adding more money to your debt, negatively affecting your credit score among other risks.
How does Debt Negotiation Work?
You will contact a debt negotiation company that will listen to your situation and know how to help you.
Assuming your case is eligible for debt negotiation, the debt negotiation company will instruct you to stop making payments to your creditors.
They will contact your creditors and make a proposal to them which they are under no obligation to accept.
Once they accept the new proposal and a reduced fee is agreed upon, the debt negotiation company will set up an account for you and a monthly payment routine so you can save towards the new reduced fee.
The debt negotiation company will charge a fee that is usually a percentage of the amount you’ll save to settle your debt.
Am I Eligible for Debt Negotiation?
To be eligible for debt negotiation, your debts should not be tied to any collateral. We are talking about unsecured debts like the following;
- Lines of Credit
- Medical bills
- Personal Loans
- Accounts in collections
- Credit cards
- Other Unsecured debts
A Debt negotiation program is the best route for you if you have any of the above issues.
Is Debt Negotiation Worth it?
After reading the above content and you’re left wondering if debt negotiation is worth it.
Meanwhile, creditors are calling your phone all day, you are scared to open your mailbox because you don’t know what you will find.
You are depressed and frustrated and can’t get a good night’s rest because you don’t know how to get out of your bad debts.
Finally, you hear of the debt negotiation program and you’re doubting it?
Put your mind to rest and leverage this golden opportunity to get out of your bad debt and be financially free.
Why Debt Negotiation can Benefit both sides
The debt negotiation program, if managed effectively, can benefit both you and your creditor.
The debt negotiation program will benefit you by enabling you to pay a reduced fee as opposed to the original sum you owe.
For your creditors, the program benefits them because if you file for bankruptcy, they won’t get anything from you.
Therefore, they are happy to get what they can from you to wipe your slate clean.
However, they will still negotiate to get the highest possible amount from you as they approve your reduced fee request by your debt negotiation company.
The Bottom Line
Getting yourself into a huge pile of debt isn’t the end of the world, there is always a way out.
Get in touch with Debt Relief Association for a Free Debt Review and be rest assured that there are No Up-front Fees.
We help people regain their financial freedom.
Contact us Today!