There are so much information and misinformation on getting out of debt that it can be confusing. I wanted to write this article to help people with debt problems by giving them basic debt settlement information.
Ahead of investing any more of your time and effort, you should consider if debt settlement is right for you and your situation. Do you have a legitimate financial adversity?
Financial hardship takes the form of a chronic medical condition, loss of employment, loss of child support compensation, loss of income, a death in the family, marital separation, divorce, or some other identifiable grave event that caused your financial crisis.
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Are you dedicated committed to getting out of debt and / or avoiding bankruptcy? Only with a unswervingly desire and commitment can you finish a credit card debt elimination strategy and get out of debt for the rest of your life.
Who is a perfect candidate for Debt Settlement? By answering these questions you may have a better idea if debt settlement is for you:
Do you have more than $15,000 in unsecured debt?
Are you considering bankruptcy?
Are you credit card payments past due?
Do you have debt problems that you cannot resolve?
Can you commit to an aggressive debt elimination strategy?
Can you live with a negative impact to your credit score?
Are you considering making a major purchase such as a car or a house?
Are you a person who can deal with creditors calling and is willing to learn tactics on how to deal with them?
Are you close to having a lawsuit against you?
Is most of your debt from credit cards? Debt settlement is most successful with credit card debt.
Can you find the money you need for debt negotiations? Can you borrow enough money to settle your debts? In order to settle your debt you are going to need a certain amount of finances available to you.
If you answer yes to one or more of these questions, debt negotiations may be the best option for you.
Not having the money now can addressed. You can save the money needed debt settlement as you go through the debt negotiations process.
There are two major downsides you want to avoid if you decide that you want to settle your debts:
1. Set off a creditor to send your file immediately to their lawyers.
2. Hiring a debt settlement company.
When you take into service a debt negotiations company they usually will ask you for a limited power of attorney; that allows them to legally represent you during negotiations with your creditors.
In many cases this raises an internal flag with your creditors who will in very short order advance your credit file to their legal department to start legal proceedings, which is a very bad situation.
Merge this with the truth that there are so many deceptive debt negotiations companies springing up out of nowhere, you can only conclude that the best selection is to settle your debts yourself by negotiating directly with your credit card companies.
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