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Beware Of Misinformation When Considering Debt Settlement

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Beware Of Misinformation When Considering Debt Settlement

Quite a significant number of people find themselves in a situation where theyre faced with mounting debt and not nearly enough income to meet their monthly financial obligations. Obviously, those individuals faced with financial difficulties have no choice but to find the best solution to become debt-free, and put their money worries behind them. Many find their search leading to debt settlement, which has been growing in popularity in recent years. Unfortunately, there happens to be a good deal of misinformation floating around, regarding the process of debt settlement, and if youre considering this route its important to be well-informed. For instance, I recently read an article whose author claims that once you pay your agreed settlements in full youll have a good credit rating. The author should have gone on to explain that, yes; your credit score will improve, but only after your accounts are reflecting zero balances on your credit report. This process is not instantaneous, and can take several months. While Im a supporter of debt settlement for individuals who are on the brink of bankruptcy, I also think its important to know the facts before you make your final decision regarding the best way to resolve your credit accounts. I also recently came across some information that happens to be a complete fabrication. One author claims that debt settlement companies convince your creditors to re-age your accounts so that they appear current. This is simply not true, nor has it ever been true. Debt settlement companies simply negotiate with your creditors to settle your accounts for less than the full balance usually 50% or less. Theres no need to re-age the account (nor will creditors agree to do so) during the process of debt settlement. Im sure youve heard the consequences relating to debt settlement, such as a possible tax liability, as well as a decreased credit score. Both of these are indeed possibilities, and you can learn more about income taxes as a result of debt settlement by visitng If you want to learn more about what affects debt settlement will have on your credit score, visit So that you can breathe a sigh of relief, its important to conduct sufficient research so youll be well-informed before jumping into a program with which youre not familiar. There are several debt settlement companies that dont require large up-front fees, or even require that you make monthly payments to a trust account. These same companies will work on a contingency basis, meaning you dont pay for services rendered until a satisfactory agreement has been reached with your creditor. Beware of companies who seem to be more interested in collecting your money than legitimately helping you to resolve your finances and overcome your financial hardship. Beware Of Misinformation When Considering Debt Settlement

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Last update date : 05-12-2021

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