Debt Relief Companies » Settle Debt http://www.debtreliefcompanies.net Wed, 08 Feb 2012 00:41:43 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 I am currently enrolled with care one credit and have a debt of $7,500 . I just received a collections letter for another $1,966. My question is do I enroll that extra $1,966 with care one, wait till they settle for a lower amount, or should I enroll in a debt relief program. MY score at this time is 646 and I am currently looking for a (state/federal) job. Which will not effect my credit the most? http://www.debtreliefcompanies.net/enroll-in-a-debt-relief-program-to-settle-my-debt/ http://www.debtreliefcompanies.net/enroll-in-a-debt-relief-program-to-settle-my-debt/#comments Thu, 28 Feb 2008 01:50:22 +0000 Scott http://www.debtreliefcompanies.net/enroll-in-a-debt-relief-program-to-settle-my-debt/ more »]]> Sorry for the delay in responding to your question. From what you said, youi are already enrolled with CareOne so you should speak with them regarding any additional questions about your debts. Assuming they are doing a satisfactory job for you, use them as your guide as to anything that comes up. That guidance is what they are there for and that is what you are paying them to do.

Ask them, they will tell you what you should do and how it may affect the process that they presumably they have already started for you to help you get out of debt.

]]> http://www.debtreliefcompanies.net/enroll-in-a-debt-relief-program-to-settle-my-debt/feed/ 0 If I Use a Debt Settlement Company to Settle Debt, When Will I Be Debt Free? http://www.debtreliefcompanies.net/debt-settlement-plan/ http://www.debtreliefcompanies.net/debt-settlement-plan/#comments Fri, 19 Jan 2007 18:47:31 +0000 Scott http://www.debtreliefcompanies.net/when-will-i-be-debt-free-with-debt-settlement/ more »]]> So lets say you’ve made the decision to settle your debt in order to get out of debt as quickly as possible without filing for bankruptcy. How long will it take to be debt free? Of course the timeline for a debt settlement plan depends on several factors regarding your personal situation:

- How much debt do you have relative to your income?
- How effective the company you choose is at negotiating your debt?
- Who you owe money to?

Generally, debt settlement companies such as these will discuss these questions with you during your free consultation. Then they will provide you with a personalized recomendation, a monthly payment budget, and plan that includes a timeline for reaching your goal of debt freedom.

The industry standard is to have a 3 year maximum timeline for the debt settlement process. In a typical client situation, the plans try to get their clients to be debt free between 18 and 36 months. Be cautious of plans that extend beyond that as often the debt settlement company fees over a longer time frame than 3 years do not justify the savings you hope to incur. Honest companies that settle debt should want to graduate you out of their program as fast as possible and will have your best interest in mind, rather than those looking to rack up fees.

Three years (or less) is really not that long to be debt free if your other alternative is bankruptcy and a mountain of debt that seems to grow daily no matter how hard you try to reverse it.

]]> http://www.debtreliefcompanies.net/debt-settlement-plan/feed/ 1 How to Settle Debt Using a Professional Debt Settlement Company? http://www.debtreliefcompanies.net/debt-settlement-program-steps/ http://www.debtreliefcompanies.net/debt-settlement-program-steps/#comments Mon, 15 Jan 2007 17:35:18 +0000 Scott http://www.debtreliefcompanies.net/how-does-the-debt-settlement-process-work/ more »]]> If you are deep in debt and need an alternative to bankruptcy, you may decide to settle your debt to benefit from the lower payments and the debt reduction process the service provides. What steps are involved?

  1. Learn everything you can about debt settlement
  2. Find professional debt settlement companies and research them.
  3. Get free consultations. They all offer this so you can get your questions answered and discover which company you feel the most comfortable with.
  4. Each company will offer you a customized payment plan to get you debt free typically in 18-36 months
  5. Pick one you feel best about to settle your debt
  6. Get started! Paperwork, etc…
  7. The company you’ve selected will set up a trust account in your name with a reliable 3rd party company. It’s similar to having another a bank account
  8. You will make monthly payments into that trust account
  9. Once you have paid enough money into that account, the settlement company will start the negotiations with your creditors
  10. One by one, your creditors should agree to accept a negotiated percentage of your outstanding balance and forgive the remaining money you owe
  11. Your debt settlement company will pull the money from your trust account (with your approval) as each negotiation is finalized until you are debt free and the last creditor has been paid!

That is how you settle debt! It is a perfectly legal process that hundereds of thosands of people (possibly millions?) go through every year.

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