For many people, the decision to eliminate credit card debt through debt settlement is a difficult one to make. This is due to the fact that most consumers arent well-educated in the area of debt settlement.
Over the past several years Ive been asked numerous questions regarding the process of debt settlement, and have summarized those inquiries below:
What type of debt can be negotiated through debt settlement?
The majority of the debt youre attempting to negotiate with your creditors would be unsecured credit card debt, as it allows a greater amount of leverage when negotiating, and the end result will likely be a satisfactory settlement to both the debtor (consumer) and creditor. Department store charge cards, financing contracts, medical bills and miscellaneous debts are also negotiable, even though it’s been my experience that the results are not quite as predictable as standard credit cards. Unfortunately, government sponsored student loans cannot be negotiated or discharged.
How are my creditors paid when a settlement is reached?
Once a settlement has been negotiated with a creditor, obviously the settlement amount is then forwarded...
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