Debt Settlement
What is debt settlement?
Debt settlement is an alternative to bankruptcy that involves negotiating directly with credit card companies to reduce debt obligations. You can do this yourself, but you will get better results if you work with someone who is experienced in debt negotiation. There are many companies offering this service, but it's important to find someone you trust to avoid being taken advantage of.
People turn to debt settlement when they can't afford to repay their debts. It's a downward spiral — miss a payment, interest rates increase, and monthly payments skyrocket. Before you know it, your minimum payments are several thousand dollars.
Have you tried to negotiate with credit card companies yourself?
It's not easy. You can't get to the right person. And even if you ask for the manager, you don't really get anyone that can do anything for you. No matter how much you plead, they won't lower your interest rates.
Settle your debt faster with an experienced negotiator
Working with an experienced debt negotiator increases your odds of success. And it never hurts to have a lawyer at your side to protect your interests. Peter Kaplan knows how to get through to the right person. He knows how to negotiate. And he knows how to get bottom line results.
Reduce balances by 30 - 80% without filing bankruptcy
With the right debt settlement strategy, you can significantly reduce your credit card debt without filing bankruptcy. A skilled negotiator can work with credit companies to minimize the damage to your credit report as part of the negotiating process.
Is debt settlement right for you?
If your credit card debt is $30,000 or less, then debt settlement is an excellent way to reduce your debt. As part of the debt settlement process, Peter Kaplan will:
- Design a payment plan that you can afford
- Negotiate with creditors to eliminate penalties
- Lower your interest rates
- Protect your legal interests throughout the negotiation process
How does debt settlement work?
In a typical debt settlement program, the debtor stops paying their credit card balances and puts the money into a special account, or settlement fund. When there is enough in the account to negotiate with creditors, you or your negotiator will contact the credit company and make an offer. Credit card companies are anxious to settle, and will generally accept from 25% to 60%.
The process continues as you pay each card off. Build up your settlement fund, make an offer, and eliminate the debt. Your credit report will show either debt settled or debt paid. once the debt is settled you can negotiate to have negative items removed to restore your credit.
Beware of debt settlement scams
Although debt settlement can be an excellent tool, there are many companies out there who prey on people in trouble. Here are some tips to avoid debt settlement scams:
- Ask for references — If possible, talk to a few clients of your prospective debt settlement company
- Read the fine print — Don't sign anything without reading all the terms of your agreement, including the fine print
- Ask lots of questions — make sure you understand the debt settlement process before you sign up.
- Check with the Better Business Bureau
Discover the benefits of debt settlement
Peter Kaplan can evaluate your situation and explain the pros and cons of debt settlement. As a full service debt relief agency, he can discuss the different debt management options available to you and lead you in the right direction.
Take the first step toward financial freedom today
Call Peter Kaplan at 800.611.5126 for a free consultation. He'll put you on the right path to financial freedom.