Repo Debt Reduction

Franklin Debt Relief specializes in reducing the amount that consumers owe from repossessions. By negotiating with your creditors, FDR can lower the amount you owe from a repo by 40 to 60 percent and put you on the road to having the debt satisfied on your credit report. Clients of FDR's "New Deal" debt negotiation program also enjoy the benefits of one low monthly payment, which can include any other unsecured debt like credit cards, medical bills, or collections accounts.

What are my options?

1) Bankruptcy - In a Chapter 7 bankruptcy, you ask the court to erase your debts completely. In exchange you must turn over all your non-exempt property (or its equivalent in cash) to a court-appointed trustee, who in turn sells your property to pay back your creditors. Chapter 7 bankruptcy stays on your credit for up to 10 years and legal records for 20 years. Because of the credit implications, most consumers prefer to use bankruptcy as a last resort. Chapter 13 bankruptcy affects your credit for 7 years, but in a Chapter 13, you're forced to turn over all your disposable income to a court-appointed trustee for 5 years.

2) Debt settlement - Debt settlement, also known as debt negotiation or debt reduction, is the method used by Franklin Debt Relief to reduce your debt. Debt settlement is the fastest and most cost effective debt consolidation option for repossessions, credit card debt, collection accounts, and medical bills. More importantly, once the repossession balance is settled, the account will be reported as "settled in full" on your credit report, so you can start rebuilding your credit.

Repossession Glossary