Getting Out Of The Red: Should I Go For Debt Settlement?

What Is Debt Settlement, And Should I Do It? A Handy Guide

Debt Settlement: Why You May Need It, What It Can Do For You

150 Character Meta: “If you’re having trouble repaying your creditors, debt settlement may be the best solution.
Here’s why you should have your debt negotiated for repayment.”

We’ve all had to borrow money for some of the most important things in our lives. Think about college loans, or
hospital bills for a sick relative, or installments for your first car. Money makes the world go round, and sometimes
we need to take out loans to make positive changes in our lives. But what happens when you have difficulty
managing your finances, and realize that you may be facing some hefty penalties?

Whether you took on a loan for a house that you’re struggling to pay back, or your credit card debt is mounting out
of your control, you should realize that you’re not alone. This is not the time to avoid your problem. This goes
beyond cutting back on your spending—in some cases, you may have to declare bankruptcy, and that will wreck
your credit rating for sure. You can afford to pay back ​some ​of it, but what if you can’t handle the full amounts?

This is not a reason to despair. Knowing that the issue exists is the first step, and the next is making a solid plan to
arrange for repayment.

If you’re wondering if you should try this solution, and if it’s the best option for you? Here’s a quick guide to debt
settlement and its pros and cons.

What Is Debt Settlement?

Debt settlement is a solution to paying off delinquent debt. It works by promising to pay your creditor a hefty lump
sum instead of stopping payments altogether. Depending on what you manage to negotiate, a debt settlement can
result in you having to pay only half what you owe—or in some cases, as low as 10% of the principal amount. You
can choose to settle your debts on your own, but for an expert assessment and to get the best possible rates, a
debt settlement firm will give you the help you need.

It may sound too good to be true, but it’s actually a win-win for all the parties involved. You’d no longer be in debt
and you would have to make a much lower payment. Your creditors would be able to get a lot more back than if
you weren’t able to pay back even a partial sum, or if you started bankruptcy proceedings.
Bankruptcy proceedings involve having non-exempt assets identified, then selling them off to repay your creditors.
In some cases, these sales will not be enough to repay creditors. Exempt assets are different in every state, but
things like a vehicle, household and personal possessions are usually exempt. Worse, bankruptcy remains on your
credit report for up to 10 years.

Should I Get Debt Settlement Planning?

If you haven’t initiated bankruptcy proceedings, or if you just want to avoid having that on your record for a
decade, you should consider debt settlement. Debt settlement is the best option for people who have bigger
financial burdens. It’s often advised for those who have a debt larger that than $15,000, and who need a reduction
in the actual principal and not the interest, for definite repayment.

Another benefit of debt settlement is that it can give a plan to reduce repayment for people who don’t qualify to
apply for bankruptcy. Debt settlement is available to anyone who can prove financial hardship. Medical expenses,
a divorce, student loans, and sudden unemployment are just some of the causes you can cite which will qualify you
for a plan to settle your debts.

If you’re qualified to file for bankruptcy and want your debts settled right away, it will only take you three to six
months for proceedings. If you aren’t, debt settlement may take a few years to fully pay off your debt depending
on the plan. But it’s a solid alternative for those who can’t repay or afford to hire a bankruptcy lawyer, and will
definitely save you a lot.

Get Expert Advice From Seasoned Negotiators

While it’s possible for you to do this on your own, it’s better to get the services of people who have experience in
settling debts. Creditors will have more faith that they can be repaid when they’re dealing with a debtor who’s
being managed by a debt settlement firm. Many creditors and collection agencies are familiar with debt
settlement agencies. Because of the application process and the standards that these agencies have, they will be
reassured that you’re capable of paying your debts eventually.

Our debt settlement consultants can confirm with your creditors that they’ve checked your finances with an
unbiased eye. Their assessment will help you get lower repayment rates, waived penalty fees, and lowered
interest. Why not let them have a look at it for you and get the best deal possible?

Vantage Acceptance has consultants that can sit down with you and help you figure your way out. With our help,
we can manage your debt on upfront terms. Don’t sink into the quicksand of increasing interest—check out our
website to learn what we can do for you.