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The following article was published in our article directory on July 8, 2013.
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Frequently Asked Questions on Debt Settlement

Article Category: Advice

Author Name: Gregory Haynes

Debt settlement is a financial measure to stop bleeding money. Simply put, your goal is to pay all or most of your outstanding debts, preferably on instalment, and hopefully on a discount. This article will discuss several FAQ s relevant to debt settlement and credit counseling.

What is debt settlement?

There are several aspects of the same. As a general rule, a consumer needs to go through three (3) steps. The first step is credit counseling. This is where the consumer gets all important information, advice, tips, etc.

The second step is debt negotiation. This is where the consumer; either by himself or with the aid of a debt settlement professional, contacts creditors. This is to request for the removal of interest and penalties. In some cases the principal debt can also be reduced.

Third is loan takeout. This is otherwise known as a consolidation loan. Simply put, the consumer substitutes several outstanding debts with a current loan on instalment.

What is credit counseling?

The same is a required or voluntary step by which a consumer consults a professional in financial matters. It is voluntary if you want to know more about your finances. You can also use the same as a preventive measure, or to know more about your debt settlement alternatives i.e. foreclosure, credit repair, bankruptcy, debt consolidation, etc.

It is a mandatory requirement in certain cases. The most popular example is bankruptcy filing. As a general rule, counseling is required because the government wants all consumers to be informed of their options; prior to undertaking drastic financial measure.

Who negotiates or settles the debt?

The answer depends. Some providers will only offer information and specific guidelines. Other providers have subject matter experts who can actively negotiate your debts with your creditor. There are also cases wherein a counselor will refer you to trusted companies who perform debt consolidation.

Why should you let another negotiate for you?

This depends on your situation, especially your existing relationship with your creditor/s. Some consumers have a strained relationship with creditors, or are too shy to request for a settlement. Some experts also argue that debt settlement firms are professionals. By analogy, you can fix your plumbing DIY style. In some cases you may be successful. In some cases you will just make matters worse. In every case, a professional will cost you a little bit more, but the job will be handled professionally and the solution is usually for the long term.

What should I look for in credit counselors or debt settlement providers?

First you make sure the same is properly licensed. You then make sure that the provider specializes in your specific needs i.e. bankruptcy, debt settlement, credit repair, etc. Third, you should look for a provider that is easy to contact i.e. online and/or with 24/7 customer support.

How long will it take?

You determine how long you need to talk to credit counselors. If credit counseling is a requirement then make sure you meet the minimum. But, there is nothing stopping you from requesting for additional consultation minutes or hours.

Keywords: Credit Counseling

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