Thinking of walking away from the debts? Do you know the consequences of not repaying the money that you owed? What are the reasons for debt settlement?
1. Avoid accumulated interest charged
One of the reason to settle your debts in a short period of time is to avoid the increasing of interest charged on outstanding balance. It is not worth it to pay the interest charged as a revenue or income to the creditors, which had turned into part of our debts. To avoid the consistent accumulating interest, debt settlement is the only solution.
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2. Bad credit history
If you have too many unsettle debts and unclear outstanding, you are hardly able to get a loan from any of the banks or money lenders. Your are so called being black listed and you create a bad credit history for your self. If you are short of fund for example in your business turnaround period, you will face difficulty in applying loan as the lenders will afraid that you are not able to repay them back since you still owed the others.
3. Facing legal proceedings
Walking away from debts settlement is not a long term solution, you might being sued by the creditors and will have to face with legal proceedings. If the things become worst, you might need an assistance of a lawyer which will incur most cost and add up to your outstanding debts.
4. Avoid bankruptcy
Another reason for debt settlement is to avoid the declaration of bankruptcy. In order to avoid bankruptcy, what you can do is to find a debt settlement company or to negotiate with your creditors on how you can repay the debts by sparing you more time or to pay the debts on term basis. Try to use debt consolidation where it will lessen your burden in dealing with multiple debts payment but instead only issue one payment for the debts settlement.
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