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What Is Debt Settlement?

Also referred to as debt mediation, debt negotiation or credit settlement, is an procedure for debt reduction in which the debtor and creditor agree on a lower total amount which will be considered to be repayment completely. In plain language, it is a procedure that allows you to resolve what you owe for a fraction of the original amount. Debt settlement is a great option for individuals and families who are presently suffering from an economic hardship, for instance a job loss, lowered income, health-related expenses or even separation and divorce. This plan positions you with experienced debt negotiators who have got the ability to settle your debt for you for less than you currently owe.

This is frequently mistaken for debt consolidation. In debt consolidation, the client makes monthly payments to the debt consolidator, who requires a fee and passes the rest on to the creditors; by doing this, creditors still receive payments every month. In debt settlement, the client makes monthly payments, of that the settlement company takes its fees; the remainder is put into a “trust” or “special purpose” account.

Is This Option a Possibility for You?

Have you been struggling with tremendous personal debt? Are you finding it more and more difficult to pay your monthly minimums? If so, then debt settlement is considered the quickest and cheapest way out of debt. You can easily be eligible for this alternative. You need to owe at least $10,000 in unsecured debt but with this program, you do not need to take out financing, pass a credit assessment or be a homeowner.

It is an alternative to Consumer Proposals

There isn’t any one size fits all answer for debt relief assistance. However, progressively an option such as debt settlement is becoming a common bankruptcy alternative, debt consolidation and consumer proposals. With it, a 3rd party will go through a spending plan along with you and determine a reduced monthly payment which is affordable. The company will then use the money that you save each month to negotiate with your creditors. The negotiation company will seek to restructure your debts so that you repay only a fraction of what you owe. Often times this sum is similar to what is arrived at via consumer proposal and will enable you to lower your monthly expenses dramatically.

So put an end to your pain and frustrations today! Contact BSCC now, so we can promptly educate you as to what your options are for your particular situation. You do not need to endure financial hardship any longer. Call us now and we’ll help you begin to get your financial house stabilized for good and you can pay off credit card debt!


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