Debt settlement may be the right solution for you if the following apply to you.
- $7,500 or more in unsecured debt (like a credit card)
- Can’t make minimum payments
- Outstanding balance still growing
- No relief in sight
Debt collection companies are masters at exploiting desperate borrowers, often leaving them deeper in debt. Hiring an attorney to assist in the settlement of your accounts can give you relief and a fresh start.
Why employ an attorney to settle your debt?
Hiring a debt settlement attorney gives you an advantage over your creditors. An attorney who specializes in debt settlement already has a history with your creditors; they know and understand the debt settlement process. Their goal is to negotiate a significant reduction in your debts.
If you have tried to negotiate debt on your own, you have experienced firsthand the rigid system of debt collectors. Even as you struggle to make your reduced monthly payment, your remaining balance increases steadily and the harassment continues.
Employing an attorney to deal aggressively with your creditors will give you the relief you need.
What is the debt settlement process?
The first step is to contact an experienced debt settlement attorney. If your debt has opened a lawsuit, time is of the essence! You are given a small window of time in which to defend yourself in court. While discussing your financial hardship, the attorney can prepare a plan of attack against your creditors and determine the best route to take.
Once you hire an attorney, the settlement process begins. One of the great advantages in hiring an attorney to settle your accounts, is the immediate relief from creditor calls. The attorney begins by sending a ‘cease and desist’ letter which directs all contact in regards to your accounts to his or her office.
Now that the attorney is in charge, your next step is to be patient. This is a lengthy and drawn out process, however your accounts are in good hands. This step involves back and forth offers in which your attorney will push for the lowest settlement. Often the creditor will require financial documentation to determine your hardship. Work with your attorney to determine the best reduced settlement available. The final settlement amount may be required in monthly payments or one lump sum.
Once a settlement is agreed upon, and the payment received, the creditor will issue a notice of satisfaction. This is important to keep in your records as you continue on your fresh start. Your creditor will now list the debt as ‘Settled as Agreed’ on your credit report.
If you are seeking relief from debt and would like to speak with an experienced debt settlement attorney, call Skinner Law Group today at (480) 422-3440 to schedule your informative consultation.