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Debt Settlement & Negotiation
While often confused with debt consolidation; debt settlement is actually a different process entirely.
Debt consolidation involves combining multiple debts into a single loan at a lower interest rate,
whereas debt settlement actually lowers the amount of debt that's owed.
Many debt management companies use both; first negotiating with your creditors to settle your debts for less, then consolidating the remainder of the debt at a lower interest rate. In most cases this combined approach provides maximum savings to the consumer. What Kind of Debts Can Be Settled?
A large percentage of unsecured debts can usually be settled with creditors (at least to some degree).
Un-secured debts are those that do not have any security; things like medical bills and credit card debt that are not held against any collateral.
Here are select examples of debt that can be settled:
Particular settlement terms can change immensely depending on the borrowers financial state, amount owed and other matters, and the loan company isn't required to entertain settlement proposals at all. It's most likely for creditors to entertain negotiations when they are concerned about the debtor going bankrupt, in which a partial settlement is still usually better than what would be received from a bankruptcy settlement.
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