Settlement Pros
The quickest way to get out of debt other than a Chapter 7 bankruptcy. You can expect to be out of debt in 36 months or less.
The cheapest way to get out of debt other than a Chapter 7 bankruptcy. You can expect to save 50-60% off of your current balances with your creditors.
You are in control of your money.
Start living a debt free life again.
No bankruptcy on your record.
Settlements Cons
Accounts are NOT CURRENT during a settlement program. Because of this, your credit score can take a negative hit while in a settlement program.
Phone calls. If you are current when you enroll in a settlement program, you will likely receive phone calls until your accounts transfer over to a third party collections company.(approx 180 days)
Your creditors could possibly go to court and get a judgment. Depending on the state you live in, they could place a lien on your home, or try to garnish wages. This DOES NOT always happen, but it is a possibility. If you live in TX, NC, SC, FL, or PA, you may be less likely to receive a judgment, click here to fins out why.
Discipline. You need to save up the money to settle these accounts, and you will be building up a significant amount of money. It is important that you have the discipline to save this money and not spend it. STICK TO THE PLAN!!
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