Debt Settlement is what happens when you successfully settle the amount of your unsecured personal debts through creditor negotiations, for an amount less than your currently owe. Debt Settlement is proven to be much more effective than merely reducing interest rates, which is the standard practice with Debt Consolidation and Credit Counseling (CCCS). By reducing the actual debt balance, Debt Settlement provides a much faster means of becoming debt-free. Bankruptcy, like debt settlement, can reduce the actual amount of debt required to satisfy your creditor. However bankruptcy is a more extreme debt reduction method that will impact your credit rating for a much as 7 years. Having a bankruptcy on your credit record may also have a long lasting impact for getting a job and securing credit in the future.

How long does the debt settlement process take?

The program duration will vary from one individual to the next. Sometimes, debt settlements are reached and documented in as little as a few days, and at times it may take a few years. It will depend on how behind in payments you are, the creditor, what kind of money you have set aside to fund any settlements, and what your financial goals are. Most debt settlement participants will complete the program within 2-3 years, compared to 20-30 years when only the minimum payments are met.

For an example debt amount of $20,000, your total cost including our debt settlement service fee may be only $12,000. However, you would pay over $90,000 over 20 years by making just the minimum payments.