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F.A.Q.
Debt setlement F.A.Q. is a good source of information you can use to start get debt free today!
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Can I negotiate settlements on my own debt?
Debt settlement is a legal means to come to terms with creditors when monthly payments cannot be made on time, due to the fact a hardship has occurred in someone´s life.
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Will my creditors offer me negotiated settlements?
Debt settlement will yield higher savings long term by helping individuals save hundreds if not thousands of dollars in fees that are associated with joining a debt settlement program.
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I do not have the money to negotiate settlements on all my accounts?
Debt settlement allows you to negotiate accounts as you wish. You can choose and pick which accounts you want to negotiate on first.
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What will be my total savings through debt settlement?
No one really knows or has the answer to this question. Creditors have different guidelines when it comes time to offering settlements, the industry has an ever changing trend and active negotiators will know this.
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Will all creditors offer settlements?
It is in their interest to settle accounts wherever possible with their own clients. All accounts have a timeline before they are charged off to third party collection agencies or they are referred for lawsuits. This timeline is usually the same with all creditors, 180 days delinquency.
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Can I be sued by my creditors or third party collection agencies or lawyers?
Yes you can be sued. Creditors have the right to stake a claim to their money any time they deem it appropriate, but again it is in their best interest to settle accounts and avoid costly collection and legal processes. No one cannot guarantee a legal or collection process will not be started, not even a debt settlement program.
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Will collectors continue to call me?
Yes. Collections are an ever present reality when we owe money or have defaulted on our loans. As long as collectors abide by federal collection laws it is perfectly legal for collectors to call you. It is best to answer collection calls and negotiate the best possible settlement, hiding or avoiding these calls will only make matters worse.
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Should I arrange to pay settlements reached over the telephone?
No. All settlements arranged or agreed to must be first confirmed in writing. Make sure creditors or collectors fax or mail a copy of the agreed upon settlement for your review first. A settlement is a legal agreement therefore it must be placed in writing if questions ever arise in the future regarding a particular account. Try getting a signature on the letter if you can, some companies will forward settlement letters without them and in some cases like when dealing with original creditors this is an OK practice to follow.
