Receiving Debt Help: Debt Settlement for Joint Accounts

Debt Settlement for Joint Accounts

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If you successfully complete our program, it’s possible that you’ll enjoy these benefits:
	Settle your debts for less than you owe
	(read here for full details about how much you can expect to save)
	Resolve your unsecured debts in 18 to 60 months
	(read here for full details on how long our program lasts)
	No Up Front Fees - Don't Pay Till You See Results!

Joint Account Debt Settlement

For a large majority of consumers who are attempting to clear the outstanding debt, the process of choosing the best debt relief option can be difficult because of the fact that they owe on joint accounts with a spouse or significant other. Unfortunately, many debt settlement companies in the industry fail to inform many of their potential clients, or currently enrolled clients, of the negative impact that the debt settlement program may have on both cardholders credit. However, for people who possess joint accounts and are readily seeking the best path to financial freedom, a debt settlement company operating ethically can take a number of steps to guide you in the right direction before any decisions are made. In addition, the fact that a consumer may need joint accounts to be settled should not in any way change the approach that the company takes towards negotiating with the creditors. In simple terms, assuming you graduate from the program, you can still potentially save a large sum of money and have your debts considered settled in full, even if joint accounts is what you are currently dealing with. With that being said, make sure the settlement company you are in contact with informs you of the following:

For accounts with a cosigner: any debt settlement company should inform you that if the card does indeed have a cosigner, their credit will also be affected negatively by enrolling the account into the program. Remember, payment history makes up 35% of your credit score, and because the accounts should be closed during the program to help the negotiation process, credit scores can be impacted negatively. Essentially, any company practicing business ethically in the debt settlement industry should, if you choose to enroll in the program, send you a waiver attached with the rest of the paperwork for the cosigner to sign and acknowledge that he or she understands the short term consequences that may result. Any cosigner to any account is considered financially responsible for any debt that may incur on that account.

For accounts with an authorized user: These particular cases are simple and much easier to deal with in terms of the process that ensues for enrolling these accounts into the program. A good company should inform you immediately that all you have to do is call the creditor the account is with and have the authorized user’s name removed from the card. Authorized users are not financially responsible for any debts that incur on the account. As a result, the authorized user on the account will not suffer any negative impact to their credit report if their name is removed.