TIPS ON GETTING DEBT

SETTLEMENT

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A lot of people do not recognize the potential of debt settlement in resolving their credit problems. After all, we rarely hear and read information about this option.

What is Debt Settlement all about?

Debt settlement - is a program where a debtor negotiates with his creditors to reduce his outstanding financial obligation.

What a borrower, or his chosen debt negotiator, does in this program is to convince creditors to accept an upfront amount to settle the unpaid debts.

This upfront payment usually ranges from 25% to 40% of the total money owed.

The debtor or his negotiator needs to:

persuade lenders to accept the settlement amount being offered.

emphasize that by taking in the settlement fund, the creditors can recover immediately a percentage of the total money they have extended for credit.

Tips on Taking Debt Settlement

Investigate the track record of a debt negotiator or a debt settlement firm before taking the program it offers.

Shop for the most reasonable fees. It is also good to shop around and compare the asking price of debt settlement firms and negotiators.

File agreement records. Once you and your creditors have agreed upon a settlement fund, always put the agreement in writing and keep a copy of it.

After a debt settlement, start rebuilding your credit. Once your debts have been cleared off, it’s about time that you work on achieving bad credit repair.

Open a bad credit credit card account or a personal loan.

Use your new credit line discreetly and pay off your charges on time and in full each month.

Soon, your good credit habits will pay off.

If you want to know more about debt settlement, visit our blogs: http://www.newhorizon.org/credit-info/debt-and-loans/debt-consolidation/ or you may visit http://www.newhorizon.org/Info/debtconsolidation.htm

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