What is debt settlement?
Debt settlement, as the name suggests is a kind of negotiation between the creditor and the debtor, whereby they come to an agreement to settle your debts for less than what you actually owe. Though this mostly favors the debtor, it is perhaps a sensible solution rather than dragging the situation to court and spending more time, money and energy. A debt settlement, offers a fresh start to the debtor with a life without debts. The creditor is happy to have got back some of his money at least, while you can start a life free of debt. If you are a debtor and in a similar situation of debt, maybe it is time you consulted a dent settlement attorney, who could save you thousands of dollars and provide your creditors and you a repayment plan that can have you debt-free in a reasonable time frame.
Why use debt settlement to start afresh?
If you owe anything more than $1000 you would benefit from debt settlement. If you’re in big debts you may have a problem in getting any kind of loan, especially if you have missed out on payments. Moreover, many consumers are not aware of the risks of unpaid debts. At the least, you could be sued in court leading to even more disastrous consequences, definitely one reason, why opting for debt settlement to make a fresh change is a good idea.
It must be mentioned here that you should consider bankruptcy only as a last option. Also, debt settlement is only applicable to unsecured debts, because in a secured debt, a piece of real property e.g, a car or a home, is already promised if the debtor can’t make payments.
Debt settlement if handled by the right debt settlement attorney can help you waive off your interest, late fees and over limit fees too while reducing your outstanding balances by a great deal.
Some reasons why you should opt for debt settlement and start afresh
1) Debt settlement allows you to save money, since your principal balance is cut down. Debt settlement also reduces monthly payments.
2) Debt settlement requires less time and you can be debt free, within a relatively short time period. Debt settlement, allows you make a fresh start.
3) You have some say in the repayment method on a monthly basis and therefore, it is a more flexible option.
4) Unlike bankruptcy, it is a private matter, and your financial details are kept a secret.
5) Unlike bankruptcy, which is associated with social stigma debt settlement helps you make a fresh start in control and handling your financial obligations properly.
6) Debt settlement, gives you the opportunity to repay back the loan in easier installments and at easier monthly payments.
7) There are minimum formalities to be had for debt settlement. This saves time and hassles too for the debtor and if you have a debt settlement attorney, they would probably do the negotiations and formalities for you.
8) Opting for debt settlement and hiring a lawyer, is a good way of putting an immediate stop to harassment calls from creditors. When creditors are approached by your lawyer, they are willing to listen to what can be worked out.
Debt settlement is a good way of taking care of your debt if handled well by a debt settlement lawyer. You might want to contact the offices of Shah Peerally an experienced debt settlement lawyer in the Bay area. Visit http://yourdebtsettlementattorney.com/