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ELIMINATING YOUR DEBT IS EASIER THAN EVER BEFORE!

Get in contact with truster debt specialist who facilitate your long-term financial health by presenting the wide range of debt-relief options available to you. These include student loan consolidation, debt consolidation, debt settlement and tax debt relief.

Debt Settlement

Debt settlement is a debt relief option that has become increasingly popular among people who need relief from high-balance credit cards (typically $20,000 to $125,000 or more). Through debt settlement, debt specialists negotiate with creditors on your behalf – with the goal of "settling" your credit card debt for substantially less than you currently owe.

Debt Settlement

Debt settlement is a debt relief option that has become increasingly popular among people who need relief from high-balance credit cards (typically $20,000 to $125,000 or more). Through debt settlement, debt specialists negotiate with creditors on your behalf – with the goal of "settling" your credit card debt for substantially less than you currently owe.

Pros of Debt Settlement

  • By settling debt, you can save a substantial amount of money
  • Can help you settle credit cards in as little as 12-36 months
  • Allows you to make low monthly payments you can afford
  • Settles debt and provides alternative to bankruptcy
  • While negative to credit, not as severe or long-lasting as bankruptcy
  • Unless "attorney-based" fees only paid after successful settlement

Cons of Debt Settlement

  • Typically only benefits those with high-balance credit cards
  • Amount of money saved through debt settlement subject to taxes
  • Requires discipline to "set aside" money for successful settlement
  • Creditors may threaten, or take, legal action to collect debt
  • Negative impact on credit due to default on credit agreements
  • Creditors may not agree to accept your debt settlement offer

What to Expect with Debt Settlement

If you have one or more high-balance credit cards and are going through financial hardship – credit card companies may agree to "settle" your credit card debt for substantially less than you currently owe.

How does debt settlement work? A debt relief specialist will review your current credit card debts and the amount of money you can afford to set aside each month to accumulate a "settlement fund". Debt specialists will then negotiate with credit card companies on your behalf with the goal of settling debt for substantially less than you currently owe.

How much debt settlement could potentially save depends largely on the amount of credit card debt involved, your current financial circumstances – and the settlement policies of credit card companies.

It's important to understand that, just as no two debt situations are exactly alike, no single debt solution is right for everyone. Your debt specialist can provide more details regarding debt settlement or debt negotiation as part of your free debt relief analysis and savings estimate.

The Debt Settlemt Negotiation Process

1

The first step is deciding what her to hire a debt settlement company or lawyer to negotiate a settlement. You could do this yourself. The goal is to reduce significantly the amount you pay. Experience helps So does having enough money to make a lumpsum offer. Start saving immediately.

2

Next, meet with the original lender, plead for mercy and ask if they’re willing to settle. If your account is more than six monthsover due, the debt likely has been turned over to a collection agency, who has the opposite goal: They want to get as much money from you as they can.

3

It could take three years to save enough money to make an offer. Usually, you are asked to stop paying creditors and insteads end monthly payments to your representative to build an acount. Meanwhile, interest charges on your debt grow and your account balance grows with it.

4

It’s time to make an offer. Be patient. Creditors have no obligati on to accept debt settlement offers. This could take months, maybe years. If creditor accepts, get it in writing. Also, ask the credit or to send the major credit bureaus notice that the debt has been settled.

5

Now, see if you saved money. Debt settlement companies usually charge 15% of the amount owed or 25% of the amount saved. Lawyer s could charge an hourly rate or standard fee. There also are taxes owed to the IRS on the amount for given. It is not a sure thing you came out ahead.

TIPS AND MORE TO KEEP YOU IN THE KNOW ABOUT YOUR MONEY

Understanding personal finance and debt isn't easy, but these tools can help you navigate complicated terminology and understand your credit score, among other helpful tips.

See how good your
credit score is

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A comprehensive glossary of common terms you’ll find when reading about financial processes

Get a crash course on how
to get out of debt

Read how tracki ng spending, paying down credit cards and consolidation can reduce your debt load

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