The
minimum payment that you have to make depends on your outstanding
balance and how much you’re capable to pay each month. However, you
need to put a certain amount in the escrow account (the account that is
opened by the settlement company in your name) after which the company
can start negotiating your creditors.
When
you approach a settlement company, it assesses your financial condition
and decides upon how much you can pay every month. You need to pay that
amount to the settlement company every month. If you make the payments
regularly, you'll be able to become debt free within the said period.
Better
yet don't listen to the advise above. Some debt settlement companies
will know the settlement parameters of the creditor or better yet there
might be circumstances where the creditor will go extremely low. As a
former collections manager for a large creditors right law firm i have
seen creditors accept less than 20 percent. There are some very
seasoned colector's out there that will rip to shreds and some very
seasoned debt negotiators that will save you plenty of money.
Sub: #4 posted on Mon, 03/20/2017 - 11:01
Unregistered
You
can try settling debts yourself. Just remember a few points.
Creditors/debt collectors are less likely to cut off a big portion from
your balance initially. You need to hold your patience and negotiate
harder. Collectors may also try to make you emotionally upset so you pay
a bigger amount. You need to be calm and stop yourself from being
influenced.
Go to
settle bank debt. They have the lowest fees and are the most reputable
in the industry. You can do it yourself, however there is nothing like
a seasoned pro in your corner that will save you money and knows the
creditors settlement parameters.
Sub: #6 posted on Wed, 04/05/2017 - 11:35
Unregistered
I
think you should settle your debts rather than approaching a settlement
company.
Sub: #1 posted on Tue, 03/14/2017 - 03:33
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Sub: #2 posted on Wed, 03/15/2017 - 04:23
Industry Expert
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Sub: #3 posted on Thu, 03/16/2017 - 20:35
Moderators Cum Industry Expert
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Sub: #4 posted on Mon, 03/20/2017 - 11:01
Creditors/debt collectors are less likely to cut off a big portion from your balance initially. You need to hold your patience and negotiate harder. Collectors may also try to make you emotionally upset so you pay a bigger amount. You need to be calm and stop yourself from being influenced.
Sub: #5 posted on Tue, 03/21/2017 - 00:26
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Sub: #6 posted on Wed, 04/05/2017 - 11:35
Sub: #7 posted on Tue, 04/18/2017 - 04:33
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