Settlement Offers

 

A settlement offer denotes when an outstanding debt or account is resolved without the use of courts. In this situation, the party in debt may negotiate with their creditors in order to come to a satisfactory resolution without having to take the matter further; which could end up in court and/or in bankruptcy – neither of these being an attractive result – meaning settlement can be a much more positive route to take. A settlement agency can assist in making this process easier and faster, and can negotiate a better deal on your behalf. Remember, a debt collector wishes to settle the debt just as much as you do, and when it comes to credit cards it can be less costly for a company to accept a lower lump sum for your debt then send it to collectors, file lawsuits and obtain judgment.  This is why in certain cases settlement may be the best option.

When might you consider settlement?

In order to be eligible for debt settlement, you need to have the right type of debt. The debt usually has to be unsecured. This means it can be anything from credit card to loans, but not things like cars and buildings, which are considered secured debt.  Debt settlement isn’t free, but in the long term it may be the right decision – when it comes to debt it pays to be proactive as this saves you money in the long run.

If you are considering debt settlement, you can hire a company to negotiate on your behalf with your creditors. The settlement that is offered is basically a lump sum that is less than the full amount that you owe, with the remainder of the debt being written off. Working together with your agency, you create a unique program that stipulates a specific amount given over an agreed amount of time that goes towards the lump sum.  When this has accumulated to the predetermined amount, it is forwarded to the creditors, leaving your company completely debt free. Each case is individual, and your settlement depends on your debts, incomings etc. so the longevity of your settlement is determined by how fast you can save in order to begin the negotiations – though obviously the faster you can do this, the better.  For more information on how to obtain settlement offers and if you are eligible, contact Cain & Daniels.

Contact us today with any inquiries and we will get back to you within 24 hours

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