Debt Settlement
Can you offer your own settlement on a debt?
The answer is yes you can. Settlement companies do not want you to know this. Before you consider a settlement, you should weigh all the facts.
The ads are everywhere on the radio, television, and internet with companies telling you that you can settle your debts for pennies on the dollar. They offer no upfront fees, and make it seem that you can be debt free very quickly. They make it sound painless and easy. It is neither. To lure you in, they will tell you they can get you a loan to make these settlements on your behalf. When you do not qualify for the loan, they lock you into a contract that costs you more than your just money; your credit is negatively impacted and because they do not contact all creditors, you risk being sued and your wages being garnished.
Settlement companies are constantly changing how they operate. They state they have the best option so you do not have to pay all your debts, then they state they will provide you a loan. If you call them back they will state that few people qualify for a loan. While they have you sign paperwork with them, they assign your account to another company. They do this all to confuse you. Transparent – No.
So, what is in the fine print – and there is always fine print.
Consequences – There are Many.
