| Debt settlement
companies will negotiate with the creditors on behalf
of the client to settle for a specific amount (in some
cases less than the balance owed). In return, the debtor
will make one settlement payment or a series of settlement
payments for the balance owed depending on each individual
program circumstances. Once the debt has been compromised
for the agreed upon amount, the creditor will issue
a letter to the consumer and report to the credit bureaus
that the debt has been "Settled", and/or "Settled
for less than full amount."
“Creditors are usually willing
to settle the balance of debt owed if the debtor is
under a financial hardship. If the debtor chooses to
file bankruptcy, then the creditor would receive nothing,
therefore, it is their desire to get some payment towards
the balance owed.”
Source: Federal
Trade Commission, "Facts for Consumers"
ARE
YOU READY TO TAKE CONTROL
OF YOUR FINANCIAL SITUATION ?
MISSION CAN HELP YOU GET BACK ON THE MISSION
OF BUILDING THE BRIGHTER FUTURE FOR YOU AND YOUR FAMILY!!!
Fill out the simple form
on the right to begin the process |
