When the phone will not stop ringing and the mailbox and your email box are filled with creditor messages, it's time to face your financial issues before you enter the painful world of bankruptcy. No one who pays with a credit card or installment plan expects to accumulate more debt than they can payback, but it happens. Even the most frugal families, as well as companies run into financial troubles and need help to get back on track.
Debt negotiators can help you get out of debt by working with your creditors to reduce interest and lower monthly payments. Arbitrators can arrange a single monthly payment, so all of credit obligations are satisfied each month. You can try to deal with creditors on your own, but arbitrators and negotiators know how to get these companies to reduce your payments or they can arrange a lump sum payoff that is 30 to 70% less than the amount you owe.
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A debt negotiator will evaluate your situation and will recommend a plan of action based on your ability to pay. If you have savings or if you have a tax refund coming, the arbitrator can arrange a lump sum payoff, which will complete your financial obligation with one or more creditors. A home equity loan or a second mortgage is also an option, if you have built up equity in your home.
The interest on those loans is usually less that credit card and installment interest, so it makes sense to use them to reduce unsecured debt. If you're unable to make a lump sum payoff, the negotiator will work with the creditor to reduce the amount you owe and the interest you pay on that amount, so your monthly payments are lower. A debt settlement negotiator usually guarantees that your debt will be reduced or they will refund your money or send the refund to a bankruptcy attorney of your choice.
Bankruptcy may be the only solution for some people, but in most cases a negotiator can get debt relief, if your situation is still controllable by reasonable communication. A negotiator will act on your behalf regardless of your situation, but it is your responsibility to decide whether you are able to pay for debt settlement services or you want to handle the negotiations on your own. Some people try to work with creditors, but find that the fee a negotiator charges is well worth it.
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