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Do you want to know if debt settlement is the right option for you?
Debt settlement is a very simple process if done the right way and through experts.
So, how exactly to does debt settlement work?
Step 1: Talk with a debt settlement expert about your financial situation to see if it makes sense to enroll in a debt settlement program.
Step 2: If it makes sense to enroll in to a debt settlement program then go ahead and enroll. Once you are enrolled into your debt settlement program then you want to start saving a set amount aside each month to settle the amount you owed for less. The more you save each month then the more your debt settlement negotiators can leverage to pay off your debts for good.
Step 3: You keep saving using this process and once all of your debts are fully resolved and settled!
It is important to know that if you can’t pay your debts due to not enough income and you are struggling to make ends meet then debt settlement may be your best option.
We appreciate you and if need help overcoming your debt, contact us.
Getting Out Of Debt
Debt Relief and Debt Settlement is a negotiated agreement by which a creditor accepts less than the total amount owed to legally satisfy a debt. Settlement programs typically last 24-48 months and are highly dependent on factors such as delinquency, creditor policies, the number of accounts, and the total dollar amount of the debt.
Debt settlement services have existed in some form since the advent of debt itself. The modern industry has seen significant growth in the 21st century, largely due to the easing of lending requirements by financial institutions. In addition, today’s borrowers are taking on significantly more debt than their parents had at a similar stage in life and are subsequently paying off that debt at a slower rate. [ECONOMIC INQUIRY, 2013]
These large debt loads and slower payoffs, coupled with today’s high-interest rates, mean that without intervention many borrowers could be paying off these loans for decades. While there are a multitude of interwoven causes for these trends, industry experts point to increased access to larger amounts of credit coupled with a reduction in the social stigma of being in debt.
Debt Relief Assessment
Potential clients speak with a certified debt specialist regarding their financial situation. The debt specialist evaluates the caller’s financial situation and suggests the optimal debt relief strategy. Clients choosing to enroll in our debt relief program are then guided through the enrollment process.
Account Management
Signed enrollment documents are processed and the new client receives a call from our team of dedicated account managers to welcome them to the program. Account managers are available 24/7 and remain in active communication with clients throughout the program.
Negotiations & Settlement
Our talented negotiations team begins working on client accounts immediately. When settlement offers are received they are first reviewed for accuracy and then presented to clients for approval. This process repeats until all client accounts have been settled.
Graduation
Upon completion of our debt settlement program our clients receive a completion certificate and engage in a “Dropped the Debt” graduation ceremony!
Choose the Best Debt Settlement Program That Works for You
Escaping debt is one of the hardest financial battles to fight on your own. For starters, high utilization rates (the percentage of the maximum you’re using) on credit cards affect your credit score negatively. Bad credit means it will be harder to get a reasonable rate or loans that cost the most to finance, such as home equity loans and auto loans. And paying higher rates on bigger purchases will only bury you further in a bad financial situation.
Making matters worse, when credit card debts approach the limits, there’s a higher chance you’ll be charged penalties and upfront fees, which then trigger other fees such as over-the-limit charges. Once your credit cards start to go into default, credit card companies can spike your interest rates, making it even harder to escape an increasingly dire situation.
The stress that comes with being late on growing monthly payments can be so severe. When balances keep growing faster and faster, it can start to feel like there is no way out.
Thankfully, we have a debt solution to provide financial relief from growing unsecured debt balances.
A debt settlement company’s services are one way of settling credit card debts and some medical bills. Once you seek help from Alleviate Financial, we will conduct settlement negotiations, and you can consider your debt settled.
Debt settlement will make it possible to settle your debts for less than the amount you owe on your balances if you are going through financial hardship. Our expert negotiators have a dedicated team that often deals with your creditors on your behalf, building relationships that make it easier to provide you with the debt relief you need.
What Are Debt Settlement Programs?
Debt settlement can also be referred to as debt adjustment or debt relief, and the companies that offer these services have professional negotiators who advocate on behalf of their clients to ensure the best possible monthly payments in the least possible time.
Debt settlement programs involve negotiating with creditors to get reductions in unsecured debt. As a debt relief specialist, Alleviate Financial has top debt negotiators that deal with a wide range of creditors daily. Furthermore, their experience results in debt relief that works best for you.
Alleviate Financial Solutions negotiates debt settlement programs to help clients as we negotiate with your creditors on your behalf so that you can pay less on the current amount you owe and in less time.
Examples of how we help include:
- Advocating for interest, fees, and penalty charges to be significantly reduced
- Negotiating for balance reductions as part of a debt settlement agreement
- Having a dedicated savings account that can help settle your debts quick
Read: Debt Settlement FAQs
Debt Settlement Programs from Alleviate Financial
A debt settlement program can provide relief from the stress and anxiety caused by huge debt balances from credit cards, personal loans, and certain medical bills. High upfront fees and interest charges can make these types of debt spiral out of control fast, making it feel like you can never get free from financial pressure.
Professional Negotiators On Your Side
Debt settlement programs from Alleviate Financial can significantly reduce the balances on your credit cards and medical bills, helping you escape total debt by reducing fees and interest charges. Debt settlement programs through Alleviate Financial get you the debt relief you need quickly.
Alleviate Financial Solutions works on your behalf to negotiate a plan with your credit card companies to help you regain control of your life, making a brighter financial future possible.
We set up a debt settlement process that can significantly reduce your credit card balances and other unsecured debt. Debt management programs are simple ways that can help you pay off debts faster than your current arrangement can.
Alleviate Financial Solutions negotiates for significant savings on interest, over-the-limit fees, and late fees so you can escape a bad financial situation quickly.
Every day we help consumers get on the path to financial freedom. We have established relationships with creditors, giving us leverage when we negotiate better terms for you. Our passion is advocating for you to get the debt relief program you need as fast as possible.
What Results Can You Expect From A Debt Settlement Program?
When Alleviate Financial gets debt settlement programs approved, we will work on your behalf to help you pay off your debts for less than what you owe.
Alleviate Financial helps clients get reductions in balances by slashing interest, fees, and penalty charges. We also help you establish a savings account to negotiate settlement offers and then pay your creditors, simplifying your monthly payments.
A debt settlement program will help you:
- Pay off your debts in a predictable way that takes less time overall, often in less than a few years.
- Significantly reduce unsecured debt balances. Our expert negotiators talk with your creditors on your behalf to negotiate down your debt balances, which may include interest charges, late fees, and over-the-limit fees, helping you save money.
- Have a low program payment into your own dedicated savings account.
Read: 4 Benefits of Debt Settlement
You can always consult a credit counselor. Or you can easily check our website as we continually work to provide financial education resources through our blog and YouTube channel so you can avoid bad financial situations in the future.
An Alternative To Filing Bankruptcy
While debt settlement is an effective method for paying off unsecured debt, it’s not a perfect solution as there are also other alternatives to debt settlement that won’t affect your credit scores.
In addition, once a person files for bankruptcy, the effect is hard to take back. To avoid this, debt settlement can be a less harmful alternative for alleviating debt. Alleviate Financial’s debt settlement programs get our clients the debt relief they need.
Learn If Debt Settlement Can Help You
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When credit card accounts start to reach their limits, your chances of the credit card companies charging you over-the-limit fees, higher interest rates, and late fees increases. Once you default on your credit card accounts, the credit card companies exercise their full power to heap on fees and interest, making it even more likely you’ll be trapped in a downward financial spiral.
Thankfully, the debt relief pros at Alleviate Financial Solutions are equipped with a wealth of knowledge and experience. Our team is wholeheartedly committed to giving our clients industry-leading service that produces unmatched results. We have helped thousands of customers achieve financial stability by settling their debts for less than what they owe, and we look forward to helping you as well!Risk-Free Debt Relief Assessment
DEBT SETTLEMENT FAQs
When it comes obvious you cannot pay your debt in full, you can try a debt settlement program. Debt settlement programs are designed to negotiate with your creditors on your behalf. These experts will argue with the creditors in order to lower the percentage of your debt you have to pay in the settlement.
Anyone with significant unpaid debt can attempt to reach a settlement. This process is known to work best on medical and credit card debt. It’s generally very difficult to reach a settlement for federal student loan debt, however.
If you owe private debt, then you likely qualify for debt settlement and can save significant money by settling your debt.
Negotiating with credit companies can be difficult. However, if you have a lot of financial knowledge, it is possible to negotiate with credit companies yourself. You can explain your financial situation and disclose if you are considering bankruptcy, which will often motivate creditors to accept a settlement.
A professional can handle the negotiation on your behalf, however, and they have years of experience negotiating their clients’ payments as low as possible.
When considering where you want to settle or pay your debt in full, consider the impact it will have on your credit.
While settling is better than ignoring the debt, the fact that you paid a settlement will show up on your credit report. A credit report that shows that you paid in full will make a better impression on potential lenders, and it’ll also result in a higher credit score.
Yes, the vast majority of creditors will accept a settlement if it becomes apparent that it’s the only money they will receive from you. They would rather accept a partial payment than no payment at all.
During negotiations, you can discuss the percentage of your debt you will be paying. This is where professional help comes in handy.
Experts suggest aiming to pay 50% of your debt or less in your settlement. Since you may take a ding to your credit when you settle your debt, it’s important to negotiate it as low as possible. Depending on the situation and the amount overall you owe, they may accept an amount as low as 10%.
When you settle a debt, that means you have reached an agreement with the lending company that you can pay a percentage of the debt instead of paying in full. In this situation, the lending company is accepting your settlement as the final payment and they will not pursue any additional payment.
In other words, a settlement is a resolution to your debt accepted by both parties.
A settled debt will appear on your credit report for seven years after it first became delinquent. If you always paid your debt on time, it will appear for seven years after you settle the debt.
However, if you find any inaccuracies in the official records of your debt, you can dispute the debt with a major credit bureau. If they agree with your findings, they will remove the settled account from your credit report.
