what is debt settlement?

In debt settlement71, you are asked to default in your payments with the creditors. You will be depositing your money with the settlement company in an escrow account. They will begin their negotiations once they feel it's right to explain your creditors that you are in no situation to pay debts at the existing interest rates. It depends upon the creditors whether they will accept your proposal from your settlement company or not, but if it's done, you can expect your payments to be negotiated by 40% to 60%.

http://www.debtconsolidationcare.com/creditor-yesno.html

debt settlement put a R 9 status on your credit file. If you have no other alternatives of paying and thinking about filing for bankruptcy, this program can be thought suitable in your situation.

Please do research on any company that you might be signing up with !

Pros and Cons of debt settlemnt are rather simple.

When you are looking to consolidate or settle your debt there are some things you should know about going through a consolidation service or working out a plan with the credit card company itself. The company is still making money off you. Even if it seems like a smaller percent, the longer the payment time, the more money they are making. Also, by using a debt consolidation service, you are not in fact saving any money, you are just paying it over a longer period of time.

I believe it is better to settle. Settlement changes the debt from making the bank money to saving you money.

It can and will save you thousands of dollars on business and personal debt.

Example: John has owned a pancake business for 12 years. John's wife has become ill and John can no longer manage his business. He chooses to sell his business and liquidate his assets. He now has some money but not enough of it to settle all the debt and still take care of himself and his ill wife. John contacts a settlement agency and they negotiate a settlement of 32 cents on the dollar for his 65,000.00 credit line. He saves a total of 44,200.00 by choosing to settle on his debt instead of paying it back over a longer period of time.

A little about my self, I am owner of Excaliber Settlements a former Employee of a large bank. I Live in Arizona I decided to aid in helping people settle their debt, after watching and helping for months as a former Small Business Debt collector. Give me a call and I will work with you personally to find the best solution for you. Thanks!!

JOSH

Phone number and email removed as per forum rules - Mike