Debt settlement- do you qualify?

Date Posted: December 20, 2021
By: Maggie Marques

“Help! I can’t cope with my bills!” Is that line your cry for help these days? Have you been asking who qualifies for debt settlement? Settling your dues is one of the ways you can get out of debt. It may not always be the best solution for you. But paying up a portion of what you owe is better than filing for bankruptcy if that is the option that you are leaning towards.

What is debt settlement?

Debt settlement allows you to resolve your obligations without paying the total amount. Be aware, though, that this will damage your credit score. When you apply for a debt settlement, you must establish that you can’t afford to repay your dues, not even your minimum monthly payments.

When applying for a credit negotiation, expect to receive 10-50% offers. You cannot expect your creditors to write off your debt 100%. You will still have to pay your creditors, and it will take time to see your obligations written off finally.

One of the best things to do if you ask yourself who qualifies for debt settlement is to talk to the right people who can help you with your settlement application. These people have been in the industry for a long time, and they can help you with the process. While you are going through the process of negotiating, try not to incur new debts that can cause you additional problems.

Again, it does not mean your problems will be gone in a month if you hire a debt settlement company. Credit prioritization is a long process, so if a  company offers deals too good to be true, be wary because that will not be the reality of your financial situation.

If you are legitimately having difficulty repaying your debts and are 100% sure that you are severely and in getting out of debt, consider going into debt settlement before filing for bankruptcy.

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