Debt Settlement Quotes
The best sayings about Debt Settlement that you can share on Instagram, Pinterest, Facebook and other social networks!
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If you are able to settle, you'll be getting off rather easy. Debt settlement companies can sometimes get you off the hook for a large percentage of your debt - in many cases, up to 50% will be written off.
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You really don't need to hire a debt settlement company to negotiate with your creditors.
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Once the settlement is completed, the credit card company will report it to the credit bureaus, which will then make a notation on your credit report that that account was paid by settlement. That's going to signal to future lenders that you left the last guy hanging. That's why, as with bankruptcy, debt settlement is an extreme option, one you shouldn't take lightly. It's not just an easy, cheap way to eliminate debt.
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You settled a debt instead of paying in full will stay on your credit report for as long as the individual accounts are reported, which is typically seven years from the date that the account was settled. Unlike with bankruptcy, there isn't a separate line on your credit report dedicated to debt settlement, so each account settled will be listed as a charge-off.
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Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you should be able to settle your debts for cents on the dollar. You'll also pay a fee to the debt settlement company, usually either a percentage of the total debt you have or a percentage of the total amount forgiven.
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The debt settlement company will direct you to stop paying your creditor and instead send the money directly to them each month. The company's goal is to demonstrate to your creditor that you don't have the money to pay up - that's your leverage. After a few months, the company will typically go to the creditor and say, "I'm holding X dollars on behalf of your customer. He doesn't have the money to pay you, so you should take this amount as a settlement or you'll end up with nothing." If the creditor wants to get paid badly enough, it will take the money.
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If you're filing bankruptcy, you will likely want to hire an attorney. But for debt settlement, a company is sufficient, or as I said, you can often do the legwork on your own.
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The Bankruptcy Reform Act of 2005 made it harder for individuals to file bankruptcy, which is always the last resort. Unfortunately, simultaneously consumers racked up so much debt that counseling companies - which are higher up on my list if you need help managing your debt - are sometimes unable to help. So if you fall into this camp, debt settlement may be something to consider.
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If you'd asked me a few years ago about debt settlement companies, I probably would have told you to avoid them.
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Top Authors
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Edgar Ramirez Actor -
Edith Massey Actress -
Duff Green American Politician
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Edmund Sears Author
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Duk Sung Son Author -
Edna Lewis Chef -
Edward Fredkin Computer science researcher -
Ed Bearss Historian -
Edward Sorel Illustrator -
Edward Robb Ellis Journalist
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Edgar Winter Musician -
Edith Wharton Novelist -
Edith Widder Oceanographer -
Duff Goldman Pastry chef -
Edouard Boubat Photographer -
Dudley Randall Poet -
Douglas Massey Professor -
Edmund Bourne Psychologist -
Eddie Rickenbacker Race car driver -
Earl King Singer -
Dutch Robinson Singer-songwriter
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Eden Hazard Soccer player -
E. L. Konigsburg Writer
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