Debt Relief

The Debt Settlement Plan (DSP) is recommended for those are having a hard time affording the monthly payments and paying for your basic needs like rent, mortgage, food and gas. This is also a great alternative to bankruptcy.

With a Debt Settlement Plan, your monthly payments are held in an FDIC-insured bank account while lowered settlement amounts are negotiated with your creditors, with the goal of allowing you to repay only a percentage of your debt – typically around 50% before fees over a 3–5-year period. 

Debt Settlement Plans differ from Debt Manage Plan in that a Settlement company does negotiate on your behalf to try and get you the best reduction possible. 

The cons to consider is that it will impact your credit immediately however the longer you are in the program and as you are nearing the completion of your program not only will you be completely free of the debt but your credit will start improving. Another thing to consider is that the companies you owe the debt to can take you to court and try to garnish your wages so make sure the debt settlement company you enroll with has a legal plan or attorneys that will legally protect you from this happening. 

Can you do it yourself?

Yes. You can call your credit card companies and let them know your having trouble making payments, ask for a reduce rate and work directly with them. 
The problem is that credit card companies have no real incentive to work with you. You borrowed the money from them, on an agreed percentage and that is how they make their money. Even those who are successful in getting the interest rate lowered or the min monthly payment lowered it is usually only for a period of time before going back up. You also will have no legal help if they decide to try for wage garnishments or insist on collateral.  

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