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Debt Settlement Versus Debt Management – Franklin Debt Relief Shows It’s No Contest |
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A new report issued by Franklin Debt Relief CEO, Robert Zangrilli, to the FTC, titled “Common Sense,” shows conclusively that based on statistics from both the debt settlement and credit counseling industries that debt settlement produces more consumer welfare than credit counseling, and in fact, consumers who use credit counseling programs that eventually file bankruptcy lose more money in non-refundable payments to creditors than consumers who complete their plans save from interest rate reductions. |
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Debt Negotiation
Help |
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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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Backed by a Money Back Guarantee on Service Fees |
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(read here for full details about our
money back guarantee) |
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| Understanding the
Debt Negotiation & Collection Process |
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Debt negotiation and debt collection walk hand in hand. In order
to fully understand debt negotiation one must first understand the
bill collection process. If the collections process was a linear
one, then one would probably suspect that it will follow this path:
original creditor tries collecting the debt -> collection agency
tries collecting the debt -> law firm tries collecting the debt. The
truth is the path an account will follow is somewhat unpredictable,
although certainly there are certain trends that FDR can identify
having dealt with thousands of consumer accounts. Sometimes the
debt may be sent immediately for legal collections. Other times it
may never be sent for legal collections, even 6 years after the
original delinquency. In truth, the debt collection process can be
somewhat unpredictable and varies from creditor to creditor. That
being said, this is the typical road that most delinquent debts
follow.
Step 1: Friendly reminders to pay – The original creditor through
mail, an automated voice message, or live person will contact you to
remind you that your last payment wasn’t received. The calls may
come once every few weeks and are generally amicable.
Step 2: Late fees, default interest rate – Your next communication
may not be as friendly, and you’ll most likely be reminded that your
balance has now increased because of late fees and interest charges
as high as 32%.
Step 3: Increase in calls, more aggressive and threatening
communications: At this point, the creditor may start calling you
several times a day, sometimes even at work or your parents’ house.
Step 4: Charge off – When a creditor charges off your account, they
write off the balance as a loss, which is accounting for “we don’t
expect to get paid on this account.” Unfortunately, this does not
mean that they’ll stop their collection efforts, and a “charge off”
will affect your credit profile negatively. Once an account is
charged off, the original creditor will most likely either sell your
balance to a “debt buyer” for pennies on the dollar along with
thousands of other accounts. Other times the original creditor will
assign your account to a third-party collector, who is paid a
percentage of whatever they are able to get you to pay.
For information about the next step in the debt collection process,
follow this link:
third-party debt negotiations.
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