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Debt Negotiation
& Your Credit |
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Call Today: (877) 274-1260 |
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If you
successfully complete our program, it’s possible
that you’ll enjoy these benefits: |
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Settle your debts for less than you owe |
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(read here for full details about how much you can expect to save) |
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Resolve your unsecured debts in 18 to 60 months |
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(read here for full details on how
long our program lasts) |
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No Up Front Fees - Don't Pay Till You See Results! |
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| When Can Debt Settlement
Improve My Credit? |
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For consumers with seriously delinquent debts, debt negotiation
may be a good strategy to consider to improve your credit. Seriously
delinquent debts are those that are in collections or charged off
that still appear on your credit. By settling the debt, it can be
listed as “paid”, “settled,” or “satisfied” on your credit report,
which will be viewed more favorably versus an unpaid delinquency.
(Note that in cases outside of settling severely delinquent debts,
our debt settlement program will have an adverse impact on your
credit, and even in cases where debts are severely delinquent, it is
possible your credit will suffer).
Since creditors or collection agencies do not make money by
reporting delinquencies on your credit, they may agree to delete any
negative information in exchange for a settlement. This is often a
difficult stipulation to negotiate in exchange for a settlement, but
anecdotal evidence suggests that it is possible.
One likely scenario when a creditor will agree to list the debt as
“paid” and erase any delinquencies is when settling the debt could
potentially do more harm for your credit than good. This situation
arises when a debt is seriously past due and by paying it, you will
prolong the time period it will appear on your credit. A debt is
reported on your credit for seven years after the date of
delinquency, and by paying a debt that is several years past due,
you can reset the time frame that it appears on your credit. For
example, let’s say you are 6 years past due on a particular debt,
and the statute of limitations has expired, leaving the creditor
with little expectation of actually collecting the amount owed. A
statute of limitations is a law that sets forth the maximum period
of time, after certain events, that legal proceedings based on those
events may be initiated. For debt, the statutes of limitation apply
to the maximum period of time after a consumer has become delinquent
on their payments. If you choose not to pay the debt, the creditor
could not pursue you legally to collect the balance, and it will
only take one year before the account history is removed from your
credit altogether. By paying the debt, however, you will be reviving
the debt and the creditor will be allowed to report the negative
account history for another 7 years. In this situation, the consumer
has very little incentive to pay the debt unless any negative credit
information associated with the debt is entirely removed. Therefore,
many creditors will readily agree to list the debt as “paid” and
delete any negative account history on the consumer’s profile in
exchange for a settlement.
Are you a consumer interested in using debt negotiation? Please feel
free to call (877) 274-1260 or
fill out a form
and we’ll contact you as soon as possible.
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