A debt settlement law is a law firm that specializes in helping consumers settles their indebtedness by paying off unsecured credit card arrears. They focus on helping a person pay off accumulated bills rather than filing a personal bankruptcy request. It can be a first line of defense against the onslaught of creditor's high interest rates and over limit fees.
Benefits of Debt Consolidation Program:
1. It eliminate late fess
2. Easily avoid bankruptcy with debt consolidation
3. Reduce your credit card arrears
4. It reduces monthly payments up to 50%
5. Save thousands of money and years of payment with debts consolidation
If you cannot make payments on all your accounts, here are some steps for debt settlement and consolidate arrears in a legal way:
· Firstly, verify your credit card arrears with collection agency. You can call to the collection agency and request them to settle and consolidate your payments of liability.
· You are suggested not to communicate with agency by phone. Just go to them personally or use letters for correspondence. Make sure keep a each copy of letter that you will send to the agency with receipts as well.
· Now it is time for negotiation. You can negotiate a debt settlement with the collection agency for lesser amount than you actually owe. You should not tell to them that you are consolidating your arrears to purchase something, otherwise it will delay the settlement of liability and you may stick in this situation for long period.
· You can negotiate with the department to remove collection. Request the agency to get your credit report to pay off the debts. Make sure that the collection agency agrees to remove the collection in writing.
· It is very easy to settle the debt, if it's quite older. It will improve your chances to settle the debt for the less than you owe. The creditor may take legal action in order to have your wages garnished.