Debt Negotiation & Settlement & Bad Credit

"I'd rather go to bed without supper than rise in debt." Ben Franklin

Franklin Debt Relief, LLC is a member of (TASC) The Association of Settlement Companies. This trade association has developed a standardized industry disclosure for consumers.

Bad Credit Debt Negotiation and Relief
Call Today: (877) 274-1260

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avoid bankruptcy

Reduce your monthly payment by up to 50%
Be debt free in as little as 12-30 months
Lower your debts by up to 50%
Make one simple monthly payment
Avoid bankruptcy
Don’t risk your home or other personal property if you miss a payment
Don’t pay service fees unless we save you money
Reduce your stress and get a “New Deal”

Bad Credit Debt Settlement

Many consumers who are researching their debt relief options and come across literature pertaining to debt settlement companies are concerned with the effects of the program on their credit score and credit report. This is particularly true for people who have a credit score above 700 and have never missed or been late making a payment to any of their creditors. For consumers in these situations, it is essential for them to assess their own circumstances to determine whether debt settlement and debt negotiation is the best route to take for professional debt help. For debtors who have very good credit, have a healthy income of some sort, and don’t owe a particularly large amount, debt settlement may not be the best option for them. If the debt amount is low and they are generating sufficient income to pay the debt off in a reasonable amount of time, then it may not be smart to endure the negative effects on your credit score that can result from such a program.

However, if your debt amount is high and you are unsure if your income is high enough to pay the debt off, then your credit score should not be your central concern. If your debt amount is high and your interest rates are not good, then you can spend the rest of your life struggling to make your minimum payments without putting a dent into the total debt amount that you have. But, more importantly, if you have a high level of outstanding debt a good credit score is relatively insignificant. It is important to keep in mind and understand that the point of having good credit is so you may appear to be lendable and financially responsible when applying, for example, for a future loan. If you have a large debt amount, then lenders are not going to perceive you as a lendable consumer regardless of your credit score. At that point, it may be more effective to let your credit score suffer in the short run to accomplish the longer term goal of settling your debts and improving your debt to income ratio (which, keep in mind, makes up 30% of your credit score). On the other hand, not everyone searching for a debt settlement company has good credit to begin with.

If you are a consumer whose credit score is suffering or clearly not impressive than the impact that a debt settlement program will have on your credit will not be severe, nor will it really matter if that is the case. If you have bad credit, then not paying off your debts will make your credit substantially worse than a debt relief program. The first step for consumers in this situation is to get the debts taken care of so you may start rebuilding your credit. As long as you owe your creditors, your credit will continue to suffer and you certainly will not be a lendable consumer in the near future until you address those issues. The most important thing, regardless of where your credit is at, is to assess the situation you are in financial and be honest with yourself. If you know that paying off your debt is an impossible task if the total amount isn’t reduce than it is possible that you may have to take a ding to your credit to solve the problem. Ultimately, debt settlement is available and can be a successful for of debt relief for consumers who fall on either end of the spectrum.

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