Debt Settlement is a program that every person has the option of attempting. After all this is America. However this does not mean that the creditor has to except the offer and that’s why it’s important to understand who should and should not use debt settlement as an option when dealing with their unsecured debt. Basically one should have a litigate form of a financial hardship.
Practical Debt Relief specializes in negotiating your debt with IAPDA Certified debt arbitrators employing aggressive tactics to reduce your debt. Our debt negotiation process has been tested and proven over the years by our experienced team of professionals in the field of credit card debt and finance. We’ve established relationships with these creditors and collectors with one simple goal in mind, settling your debt for as low as possible!
Once enrolled in our debt settlement program our Debt Counselor’s work with you and take a detailed budget to help you better understand your financial needs. After your hardship is proven and documented, your debt counselor then helps you decide on a payment plan that is tailored to your budget. With you’re agreed upon program length determined, we then make contact with your creditors to advise them of your decision to become debt free.
You might be asking yourself, “Why aren’t more people using Debt
Settlement? And the simple answer is: they are. Thousands of people
across the country have turned to Debt Settlement as a means of
getting their debt reduced and cleared in as little time as possible.
In fact, the number of people turning to this tried and tested method
is increasing. One of the main reasons you might not have heard much
about it is that people tend to hide their debts from others, thinking
of it as something to be ashamed of. However, there is no reason to be
ashamed of getting into debt. It’s an unfortunate misstep that happens
to more people than you think. However, it’s what you do about your
debt that really determines that you’re made of.
Our Proven Step by Step Approach: Debt Settlement
Call or E-mail us for a FREE consultation. We will analyze your financial situation and determine whether Debt Settlement is a right fit for you.
We work with you to determine the appropriate monthly dollar amount you plan to save towards a negotiated settlement. In most cases, this can be less than your current minimum monthly payments. Scheduled program monthly payments will be saved every month in a special purpose account that you can view anytime online. We cannot access the funds except to pay a debtor or financial institution once a settlement is reached and documented in writing.
Once enrolled in Practical Debt Reliefs Debt Settlement program, we immediately exercise your rights under the FDCPA (Federal Debt Collection Practice Act) in an attempt to handle future creditor communication and help deter the harassing creditor phone calls.
After enough funds accrue to make reasonable offers to creditors, we begin the negotiating process. We will keep you notified of ongoing negotiations. Please note, depending on state laws and creditor balances it may take several months before we are in a position to make settlement offers to creditors.
Once a settlement is negotiated, we initiate payment from your special purpose account. Once the account is settled, we request that your creditors report to the credit bureaus that your accounts be considered “Settled in Full”, “Settled”, or “Paid As Agreed.” This process is repeated with each creditor until you complete our program and achieve financial freedom.
Once all unsecured debt has been settled, we discuss your results and a plan of action is taken. If you are interested in credit repair˛, buying a home, purchasing an automobile, or any other financial service, we will help you find a company that will accommodate your needs.
Debt Settlement (Acceptable Debts)
Typically issued by banks, major institutions, or retail service providers with the purpose of allowing consumers to repeatedly borrow money at a hefty interest rate.
Collection Agency Debt:
Unsecured debt purchased by a collection agency usually for pennies on the dollar. The collection agency then has their collectors attempt to collect that debt at a much higher percentage using intimidation tactics and procedures.
Debt not secured by any type of collateral or asset.
Debt where the business entity is acting as the “Debtor” therefore assuming liability.
Medical Hospital Bills:
Debt usually owed to a hospital or Doctor after a procedure or visit not covered by insurance. These types of debts are very common in debt reduction programs.
Once a vehicle is in default and is therefore repossessed the lending company no longer has property to recover from the “debtor”. Once the lending company sells the collateral they attempt to recover the difference lost from the “debtor”. In this situation the debt is now “unsecure” and qualifies for the debt settlement program.
Federally guaranteed loan designed at a lower interest rate.
Debt owed to the IRS for past due personal or business taxes. .
Debt Settlement (Unacceptable Debts)
Secured by collateral and not eligible for debt negotiation.
Past due utility bills like water, electric, heat, gas, ECT.
Past due car payments still secured by a vehicle.