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Debt Settlement And Your Credit Score Posted By: Don Tate People start researching debt settlement services hoping they are a perfect way to settle their debts for pennies on the dollar and once they have completed the program, they will be essentially starting out again with a clean slate. The marketing of many debt settlement companies helps perpetuate this belief and while they do not claim that there is no downside to enrolling in a debt settlement service, they avoid mentioning how debt settlement will impact the relationships with your creditors and the harm it will do to your credit score. Debt settlement works by convincing your creditors there is a chance you will default on your loans. This is accomplished by stopping payments to your creditors. Then, as your late payments start to build up, your creditors start to fear they will be unable to get any money out of you and be more willing to negotiate a partial payment. Through this negotiation, you may be able to talk your creditors into accepting less than you actually owe. Debt settlement providers manage this process for you.debt settlement credit report credit score debt relief debt settlement The Ways Debt Settlement Will Affect Your Credit Posted By: Titus Hardin As economic pressure rises, mounting debt is becoming more and more a part of the life of a lot of people. When you face increasing difficulty in paying your debt, debt settlement is one of the options that are suggested to you. It might seem like a good way to cut off your debt problems, your debts are reduced the pressure is gone and you have more money to spend. Right, but did anyone tell you the effect debt settlement will have on your credit score? Read on to learn the consequences. You might have been told that debt settlement is the simple process of negotiating with your creditors for a reduction of your debts. You contact a debt settlement company; give them the names of the creditors and the amount you owe. The company discusses with your creditors, get your debts reduced and you are left with a lower monthly payment which you pay through the debt settlement company. Sounds real fine but that’s not the full story. It takes time for the debt settlement company to negotiate with your creditors. During this period, you will stop payments and this will appear on your credit report.debt settlement credit report debt settlement company ways debt settlement credit score debt settlement Debt Settlement And Your Credit Report – Is It Worth The Hit? Posted By: Frederick Erickson The impact of debt settlement to your credit report should be carefully considered before hiring a debt settlement firm to negotiate reductions in your debt on your behalf. While not as bad as a bankruptcy, it is still pretty bad. However, with proper planning, you can overcome the negative credit effects in 2 years or even less. Understanding the impact of debt settlement on your credit report will enable you to decide whether the hit your credit takes will be worth it when compared to the amount of debt relief you can obtain. The process is actually pretty simple. First, determine how much debt relief you can expect to obtain by going by hiring a debt settlement negotiation company to procure debt reduction for you from your creditors. As a rule of thumb, take the total amount of unsecured debt you have, and multiply it by .6, or 60%. This works out to $6000 in debt reduction for every $10,000 in debt you have, so if you have $20,000 in unsecured debts, you will have that reduced by $12,000. This amount usually includes whatever fees the debt settlement company charges you. Next, determine your monthly savings.debt settlement credit report debt settlement credit debt settlement debt settlement credit report 相关的主题文章: