Debt Settlement is the option for those who cannot afford to pay the entire amount of their debt, but want to pay something toward it, while avoiding bankruptcy and continued creditor harassment.
Here’s how our Debt Settlement program works:
First, you will speak with one of our legal assistants, trained by and working under the supervision of one of our attorneys. During this interview, we will go over your income and expenses to determine what you can afford to pay. Then if it seems that the program is the right choice for you, then we will send you the forms you need to complete to begin the program.
Second, once you have completed and returned the forms, these will be reviewed by one of our attorneys, who will determine whether the debt settlement program is right for you, and call you to answer any additional questions you may have.
Third, when you have been accepted onto the program, we contact your creditors, to let them know that we are representing you and that they should no longer be contacting you. Meanwhile, you begin setting aside what you can afford every month into a new savings account.
Fourth, we continue communication with your creditors, letting them know that you are intending to pay as much as you can toward your debts, and finding out what they will accept as a discounted settlement. As soon as you have enough set aside for us to settle the debt owed to one creditor, we will negotiate a discounted settlement for you. Then you make the payment from the savings account set up for the purpose.
NOTE: Our target is to get the debts down to 50% or less of the current balance. The purpose of the debt settlement program is NOT to get your debts to the absolute minimum possible. If you want to get your debts reduced as much as possible, there are other programs that are better for you, such as a Bankruptcy or Asset Protection.
Fifth, once the first debt is settled, the process continues – you continue setting aside money, we continue negotiating with your creditors until all of your debt is handled.