What is Debt Settlement?
Debt settlement occurs when a debtor successfully negotiates a payoff amount for less than the total balance owed on a debt. This lower amount is agreed to by the creditor or collection agency and is fully documented in writing. Ideally, this lower negotiated amount is paid off in one lump sum, but it can also be paid off over time. Negotiating and paying lower amounts to settle debts is far more common than many people may imagine.
Criteria to qualify for Debt Settlement
To qualify for Debt Settlement you must and have unsecured debts of over $10,000.
Advantages of a Debt Settlement
Disadvantages of a Debt Settlement
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