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Debt Settlement
Debt settlement, also known as "debt negotiation", is a bankruptcy alternative. The practice of "debt forgiveness" originated over 30 years ago in the financial industry with the purpose of negotiating business debt settlements with insolvent or financially-challenged businesses.
The powerful debt reduction strategy also migrated into the settlement of consumer debt, which according to the Federal Reserve (G.19 report on consumer credit, June 2010), has pinnacled into $2.44 TRILLION, excluding mortgage debt - undoubtedly a consumer debt epidemic.
The concept of debt settlement is to create an "ALL PARTIES WIN" solution. This conveniently allows a debtor to get out of debt and creditors to recover money that might be lost due to the following possibilities:
- Debtor declared bankruptcy
- Debt declared as a charge-off
- Useless or too costly collection efforts
Debt settlement principally focuses on the negotiation of credit card debt. However, the procedure works well on a variety of unsecured accounts, including medical and business debts.
For more information on debt settlement, please call a Debt Free League financial adviser at 1-800-213-9968 or complete online form below.
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