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What is the elimination of debt? It is the art of negotiating with your credit card lender in order to significantly reduce the balance of your debt load. Reduce your debt, not reduce your interest rate is the best way to eliminate credit card debt!
Debt negotiation is the best way to eliminate credit card debt for the vast majority of people who have an excessive amount of unsecured debt. Debt elimination is the best option for debtors who dug themselves into a hole by accumulating too much unsecured debt
Debt elimination is a bankruptcy alternative, without the extreme consequences
Advantages: ..
& Bull; Fastest way to erase your debt-to get rid of your bills in 12-48 months Reviews & bull. Minimum monthly payment program. slash your payment of $ 100- $ 600 per month. The more debt you owe, the more your payments lowered Reviews & bull. Stops or greatly reduces the collection agency harassment Reviews & bull. Combining your bills to only one payment
& Bull. Can reduce your debt load as much as 80% Reviews & bull. Relieves stress
Disadvantages :.
& Bull; Have a negative impact your credit Reviews & bull. Your can be sued
& Bull. Because of the recent surge in demand, there are many unethical and / or inexperienced debt settlement companies. A state license to offer debt negotiation services are not required, many states
Credit scores are not etched in stone, they are constantly changing
Although debt settlement affects your credit, it & rsquo; s. Only temporarily. Credit scores are constantly changing. It is possible to raise your credit score 50 points or more in a month!
In addition, a credible debt negotiation companies offer you a free, comprehensive, credit repair program that will increase your FICO score.
Debt can file lawsuits as a scare tactic.
They know that most people do not know the law. Therefore, many debtors become scared and pay the debt collectors in its entirety. That & rsquo; s exactly what debt collectors want
Debt collectors do not want to plead his case in court .. It is too expensive and risky. Think about it. They would have to hire a lawyer to represent them. There are also costs, charges, and a significant amount of work involved. As you can see, this adds up to a thousand dollars. Therefore, it makes no sense to spend $ 5,000 to sue someone for an unpaid debt of $ 4,000!
Even if the debt collector wins the case, there is no guarantee that the debtor has the ability or willingness to pay. Moreover, there is no guarantee that they will win the trial if the debtor can prove that the debt collector violated federal or state law, the judge throw the case out of court.
So, as a result, many debt collectors would much rather negotiate a settlement or payment plan before you go to the castle especially if they know you have a lawyer on your side to consult with.
The last potential negative aspect of debt negotiation is a chance. to hire an unethical or inexperienced companies
To dramatically reduce the risk of choosing the wrong company, do some homework and check the following:
& Bull; Debt settlement companies are licensed by a state authority to extend loans or credit related services Reviews & bull. There are few or no complaints filed against the company by government agencies, the Better Business Bureau, Department of Consumer Affairs, Federal Trade Commission and your state's public Attorneys Office. It's also smart to do a Google search and display the "rip-off report"
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