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One of the most discomforting experiences associated with debt is the limitations it places on the debtor. And that explains why many debtors would be in constant search for solutions, to get back their freedom – to buy what they want and when they want it – and peace of mind. Debt Settlement has become a very viable option being explored by many debtors to get out of their debt.
Debt Settlement is an agreement between the debtor and the creditor for the debtor to pay a certain sum, less than the outstanding debt, which will be considered payment in full. It is a sort of negotiation.
A good number of debtors are utilizing Debt Settlement as a viable means to offsetting their indebtedness. And this is despite some of its drawbacks. The catch in Debt Settlement is the fact that it is preferred to bankruptcy, which makes it somewhat unavoidable when you have given other options a look-in. It serves the needs of debtors who are struggling with more debt than they could likely offset and, at the same time, would want to avoid going bankrupt.
It reduces your debt burden because in most cases, you could pay far less than you owe.
It saves you from going bankrupt.
It enables you to pay your debt within a shorter period.
We do not hide the drawbacks associated with Debt Settlement, and which is why we recommend it as a last resort – only after other options have been explored. Some of its disadvantages include:
Debt Settlement impacts on your credit report: your credit will have to carry, for seven years; your failure to pay your debt fully but instead had to have it settled through negotiation.
Denial of future credit: As a result of the lower credit score that Debt Settlement leaves in your credit report, you are more likely to be denied credit requests in the immediate future.
Tax Implications: The debt relief you get from a Debt Settlement negotiation is considered as an income and so an income tax charge is placed on it.
Because the lender is not under any obligation to accept a Debt Settlement offer, it becomes essential to know the types of debts that are more likely to be considered by the lender. The following are some of the classes of debt that are more likely to be considered by the lender for Debt Settlement:
Personal Loans
Credit Card
Private Student Loans
Medical Bills
Utility Bills
So when you need experienced hands to handle your Debt Settlement negotiation with your creditor(s), you know can count on us to secure you a bargain and manage the entire process with a great display of professionalism.
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CL Credit Consulting is a national credit restoration company that works with clients and creditors to improve credit profiles by challenging questionable, inaccurate, outdated, misleading and or unverifiable data on consumer credit reports.