A debt settlement attorney is a professional who provides debt negotiation services.
Many consumers who are having a hard time dealing with debt are increasingly turning towards debt settlement as a solution, but often times they lack the experience and knowledge of the rules to be able to pull this off.
For those in such a position, hiring an attorney for debt settlement could be good move.
First however, we should understand what debt settlement is and the relevant background information.
Usually what happens is that you and your creditor get together (which can take a long time for this to happen) to reach an agreement to lower your balance.
A rough estimate would be around half for credit card companies and around 20-40% of the amount owed when dealing with collection agencies.
Big discrepancies do exist between different companies due to their policies on such matters.
Other terms you can include are a payment plan and interest for the plan.
For example, they may agree for you to pay the debt off in 3 years at 0% interest.
Finally, it is important to note that most collection agencies acquire your debt at a couple cents (2-10 cents roughly) on the dollar.
What this tells us is that creditors are willing to negotiate to settle your debt because they either want to avoid losing the entire amount for nothing or they can still make a profit because they got it for so cheap.
You can consider getting a debt settlement attorney so you do not have to be bother with the rigor of negotiation.
When you are represented by one, immediately they can stop all calls from your debt collectors.
Then they will discuss with them on how much debt can be reduce and other arrangements such as longer payment plan that is best suited in your situation.
Perhaps the most important service they can provide is verifying all listing on your credit report and dispute any illegitimate ones.
In addition they can negotiate less damaging listings so your credit rating would not be obliterated by the settlement.
So does this make them the slam dunk option for anyone looking to reduce debt? I would be remiss if I fail to mention that all the services provided by debt settlement attorneys can also be accomplished by yourself.
What they can do is significantly reduce the emotion toll of the negotiation.
For those who likes challenges, is meticulous with details and do not mind the tedious work that is required, consider saving the fees for a debt settlement attorney.
Otherwise paying an attorney for credit card debt settlement can be extremely helpful and is usually worth the money.
Many consumers who are having a hard time dealing with debt are increasingly turning towards debt settlement as a solution, but often times they lack the experience and knowledge of the rules to be able to pull this off.
For those in such a position, hiring an attorney for debt settlement could be good move.
First however, we should understand what debt settlement is and the relevant background information.
Usually what happens is that you and your creditor get together (which can take a long time for this to happen) to reach an agreement to lower your balance.
A rough estimate would be around half for credit card companies and around 20-40% of the amount owed when dealing with collection agencies.
Big discrepancies do exist between different companies due to their policies on such matters.
Other terms you can include are a payment plan and interest for the plan.
For example, they may agree for you to pay the debt off in 3 years at 0% interest.
Finally, it is important to note that most collection agencies acquire your debt at a couple cents (2-10 cents roughly) on the dollar.
What this tells us is that creditors are willing to negotiate to settle your debt because they either want to avoid losing the entire amount for nothing or they can still make a profit because they got it for so cheap.
You can consider getting a debt settlement attorney so you do not have to be bother with the rigor of negotiation.
When you are represented by one, immediately they can stop all calls from your debt collectors.
Then they will discuss with them on how much debt can be reduce and other arrangements such as longer payment plan that is best suited in your situation.
Perhaps the most important service they can provide is verifying all listing on your credit report and dispute any illegitimate ones.
In addition they can negotiate less damaging listings so your credit rating would not be obliterated by the settlement.
So does this make them the slam dunk option for anyone looking to reduce debt? I would be remiss if I fail to mention that all the services provided by debt settlement attorneys can also be accomplished by yourself.
What they can do is significantly reduce the emotion toll of the negotiation.
For those who likes challenges, is meticulous with details and do not mind the tedious work that is required, consider saving the fees for a debt settlement attorney.
Otherwise paying an attorney for credit card debt settlement can be extremely helpful and is usually worth the money.
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