Save Big Money Through Debt Settlement!

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Nobody would like to lead a life in debt. As progressive humans we should be thinking towards building wealth and not loans. The first step towards creating wealth is by gradually lowering and finally eliminating all our existing dues. We should have a plan in place. One of the plans is to go for debt settlement.

What Is Loan Settlement & What Are Its Benefits?

Settlement is a process, which is kicked off when we find it really hard to service our debt. The prime reason could be that our present income does not match our current plus our past expenses. We would not like collection agents thronging our life. In this kind of scenario, either creditors (from what we have taken loan) or we can initiate process of settlement of credit. It is basically a negotiation-based process. It is advisable to let a professional handle this negotiation on our behalf. A professional can be a debt management company of repute. They can help us by getting our overdue fee & penalties wive off besides reducing our loan amount to the maximum. The creditors will also receive the guarantee of part debt recovery instead of total loss or bad debts. By this method our total payable is reduced drastically (in some cases up to 20% of original debt). However, to manage this we need to give a commitment of repayment in one single shot. For example, my total due is $ 10000 payable in 60 months plus interest. The settlement can help reduce total payable to $ 5500 (including all interest & fee). But we need to pay $ 6500 as per agreed timelines like 15 days or a month. This activity will help us save big money.

The Workaround!

The question now is from where we are going to arrange for single payment as agreed as terms for settlement of loan. The answer lies in the question itself. As we have discussed earlier, the credit management companies which have acted as negotiators on our behalf have the solution. These companies provide free debt consolidation services of various kinds. It includes free loan consolidation quotes, free negotiations on our behalf with our creditors, free counseling and so on. They will take up our credit card dues and pending other loans and pay them after negotiations. Subsequently, they will consolidate total amount they have paid and refinance us at low interest. They will fix up tenure suitable to our monthly paying capacity. Lower the paying capacity, lower will be the monthly installation with a little longer tenure. Early debt settlement will help us build wealth in the long run.

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Source by Andrina James

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