It is a known fact that the recession has left people helpless in their massive loans. The economic condition is not good as there are many efforts from the Government through which people can get rid of the credit card debts. Among all those methods debt settlement seems to be the best option to be selected because through this method you can get a maximum reduction of 60%. The below-mentioned step will help you to qualify for the settlement process.
The amount of outstanding debt must be equal to ten thousand dollars as it is the basic condition for applying for the debt relief option. If you don’t have this much debt then you must hesitate in applying for this method as it means that you will be getting less reduction.
There is an important condition that your overall account balance should not be healthy, and it should not contain the debts and installments involved with them.
Three simple steps to follow
Credit Counselor is the basic requirement to go for the settlement process. First, you have to go for free counseling in which you have to decide whether debt settlement is the right option for you. You will have to decide whether you have any reasonable knowledge of this financial option as per the situation. You have to do the survey of your total debts and then decide whether the settlement plan will be up to the mark or not. It is recommended that after counseling you go for the process in which you have to negotiate with your creditors very well and get the maximum reduction.
The second step is that you will have to hire a professional settlement firm. By hiring a professional negotiator you will get a chance to get as much reduction as is possible. This will be done only if you have a professional firm in your interest that will know to tackle the lenders and provide you with the best reduction of 60%. In some cases, the debt settlement agencies also take their fee after the negotiation process. They have to be sure that this job is done efficiently otherwise they will have to lower their rates and might even lose their customer. In such cases, you need to look for other options than settlement.
The last requirement is that your credit history should be clear, and to do that you must clear all your outstanding dues and balances.
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