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 Settlements - an Alternative to Bankruptcy |
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Another Non-Bankruptcy Program is Settlements. A Settlement of Credit Card
Debt or other Unsecured Debt such as Medical Bills or Signature Loans involves a
“lump-sum” payment to a Creditor that entails the complete forgiveness or
Satisfaction of the Obligation. Usually, we can settle our Clients Debts for
approximately 40% of the outstanding Balance. For example, if you owed $30,000
in Credit Card Balances and we are able to arrange a 40% Settlement, then a
one-time payment of $12,000.00 will Settle or satisfy the entire $30,0000.00 in
Debt. We have performed many settlements over many years in our office and have valuable contact with the better representatives of the Credit Card Companies. The Credit Card companies know that when we offer a Settlement, the terms offered by our office will be honored. They also know that we offer other alternatives to our clients, such as Bankruptcy. Therefore, we can usually achieve the maximum settlement available to our clients. This program is very different from the “Debt Settlement Companies” often advertised on television. These Debt Settlement companies will usually have you pay monthly into their Program and promise that once they have roughly 50% of your credit card balance in their account, they will settle or pay your Credit Card in full. The problem is that by the time you have enough funds in their account, you are so far behind on the credit card or other debt that the debt has been sent to an attorney and the attorney is usually not interested in a settlement but to bring a law suite for the full amount owed. The other problem is most “Debt Settlement Companies” are scams. You should especially be aware of Debt Settlement Companies operating out of California or Iowa. If you are already a victim of a Debt Settlement Company, we suggest you contact the Attorney General in the state in which the company is located. The correct way to Settle Credit Card Debt is a One-Time payment in Full Satisfaction of all your Credit Cards. Unless you have the Funds to Satisfy ALL your CREDITORS in ONE payment by paying 40% to 60% of the Balances, DO NOT do a Settlement. Look to another Program to help you. |
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