Debt Settlement Solutions WHICH IS THE BEST STRATEGY FOR YOU? FIND OUT NOW.
What is Debt Settlement ? Debt settlement, also known as debt arbitration, debt negotiation or credit settlement, is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. Debt settlement solutions can pay off for some consumers. But for many others, debt settlement can mean more debt, big tax bills, and credit problems that can take years to resolve. Before committing to a debt settlement program, talk to the professional credit counselors at American Consumer Credit Counseling (ACCC) about your situation, and about all the options you have for reducing credit card debt.
What are Eligible Debts? Unsecured Debt Credit Card Debit Gas Cards Credit Union credit cards Medical Bills; Smaller amounts ok if with
smaller billing company Repossessed Car Loans: Deficiency balance required Utility Bills: Outside collection only Cell Phone: In-house and outside collection ok Business Credit Cards: Need business waiver signed Time Shares: (Mortgage late charges still accrue) Minimum of $10,000 in total debt per enrollment Student loans (Private)
What are Ineligible Debts? Any total debt under $10,000 Utility Bills-not held with an outside collection agency Jewelry & furniture (see above disclosure) Secured Loans, i.e. car, home equity line, boats, ATV, motorcycles, etc. Active military personnel Government Loans, i.e. federally tied personal or student loans U.S. Military loans/credit linked to military (i.e. Military Star, Navy FCU) possibly linked to
pensions, and/or retirement Operating business loans-needs waiver Student loans (Federal)
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