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Debt Settlement

It can happen to just about anyone.

You lose your job, someone in the family gets sick, or some other unexpected expense comes into your life and suddenly you’re faced with the prospect of not being able to pay your bills on time. From there things start to snowball. You get further and further behind on payments, late fees and interest rates keep getting higher and since in today’s economy it is as hard as ever to generate additional income, the gap between how much money you have and how much money you owe keeps increasing. You don’t want to give up, but it starts looking like bankruptcy may be the only way out.

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Debt Settlement

It can happen to just about anyone.

You lose your job, someone in the family gets sick, or some other unexpected expense comes into your life and suddenly you’re faced with the prospect of not being able to pay your bills on time. From there things start to snowball. You get further and further behind on payments, late fees and interest rates keep getting higher and since in today’s economy it is as hard as ever to generate additional income, the gap between how much money you have and how much money you owe keeps increasing. You don’t want to give up, but it starts looking like bankruptcy may be the only way out.

Clients who utilize the Debt Settlement and Negotiation services offered by ASCENT generally find that ASCENT is able to settle most debt for 30-50 cents on the dollar.

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How Does the Settlement Process Work?

Experienced negotiators contact the creditors or collection agencies on behalf of their clients and negotiate a settlement. The settlement is beneficial to the creditor because without it, often consumers will have to declare bankruptcy, where creditors will then be at risk of losing all of their investment.

To Qualify:

  • You must have a hardship situation.
  • You must have over $7,500 in total unsecured debt.
  • Not all states qualify.

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What is the difference between Debt Settlement & Debt Consolidation?

Debt Settlement is the process of bringing a conclusion and end to a debt through the negotiation of a reduction in the amount owed to the creditor and then after an agreed upon amount is reached a Single Payment is then made to the creditor which will then pay off the debt and the debt will then be reported to the credit bureaus as a Paid Account. Debt Consolidation is the process of combining multiple debts together and have them being managed by a single party, who then collects the payments (often times a reduced amount) and holds the funds until there is enough money saved to make an offer on one or more of the accounts which are being consolidated.

This process is similar in structure to a Chapter 13 Bankruptcy, however it takes place outside of the jurisdiction of the Federal Bankruptcy Court and can be very risky to the consumer if something happens to the company that is collecting the monthly payments. The ASCENT Network DOES NOT PARTICIPATE OR OFFER debt consolidation services. No money EVER due to a creditor is ever collected or received by ASCENT, but it is ALWAYS paid directly to the creditor when a client uses the ASCENT’s Debt Settlement and Negotiation Services.


Debt Settlement

Debt settlement may be a way to keep from having to declare bankruptcy. Debt settlement companies work to negotiate with your creditors to lower your debts. Then, if they are successful in reducing the amount you owe, you can reverse the downward spiral and save yourself from the embarrassment and intrusive court-mandated controls of bankruptcy.

Debt settlement is the process of negotiating with creditors to reduce overall debts in exchange for a lump sum payment. A successful settlement occurs when the creditor agrees to forgive a percentage of total account balance. Normally, only unsecured debts not secured by real assets like homes or autos can be settled. Unsecured debts include medical bills and credit card debts – not student loans, auto financing or mortgages. For the debtor, this makes obvious sense, they avoid the stigma and intrusive court-mandated controls of bankruptcy while still lowering, sometimes by more than 50%, their debt balances. Whereas, for the creditor, they regain trust that the borrower intends to pay back what he can of the loans and not file bankruptcy (in which case, the creditor risks losing all monies owed).

Negotiating with a collection agency or junk debt buyer is somewhat similar to negotiating with a credit card company or other original creditor. However, many collection agencies (or junk debt buyers) will agree to take less of the owed amount than the original creditor, because the junk debt buyer has purchased the debt for a fraction of the original balance. As a part of the settlement, the consumer can request that collection is removed from the credit report, which is generally not the case with the original creditor. Even if the removal of the collection account from the consumer credit report has been successfully achieved as a condition of settlement during negotiations, the negative marks from the original credit card company will still remain, according to Maxine Sweet, a spokeswoman for credit reporting agency Experian.

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Advantages

Settlement companies generally package their settlements into a larger bulk settlement with the creditor for 35% – 50% of the existing balances. The debt settlement companies typically have built up a relationship during their normal business practices with the credit card companies and can come to a settlement agreement quicker and at a more favorable rate than a debtor acting on their own. With the recent economic crisis, more and more credit card companies may be willing to settle existing credit card debts rather than add to their already large written off bad debt.


 


 

Don’t let your financial problems weigh you down. Ask about our Debt Settlement solutions today!

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