Review of Debt Reduction and Debt Settlement Methods
There are two basic ways to relieve your debt. Debt Reduction or Debt Settlement, Debt Reduction involves making a payment plan to bring the amount in arrears up to date. With this option creditors may be willing to negotiate low or no interest to allow you to pay off the entire debt over several years. Debt Settlement is when you negotiate with the creditor to settle on your debt, by allowing you to make one lump sum payment (and in some cases several payments) to settle the debt for less than you owe. Debt Reduction is usually a more favorable option to your credit than Debt Settlement, as a creditor always prefers to get the full amount owed, even if it's late.
Here is a description of both options and how to organize them:
Debt Reduction means you set up a payment plan to get your payments back on track and current. This means that you can no longer meet your current payment obligations that you have set forth, and you need to change them to fit your current life situation. This means that you will have lower payments and a longer time to pay it off. Arranging a payment schedule for this is important as it will stop any legal or collection action. In order to make this a reality, you will need to write a letter to a creditor explaining your situation and why you require a new payment arrangement. A creditor may not be satisfied with your first request, but will respond to you and eventually you will find yourself agreeing on the arrangement.
Debt Settlement means that you agree to pay your creditor a lump cash payment in order to settle your debts for less than you owe. This will not have the most possible effect on your credit, as you will not have paid the loan or credit card in the manner and for the amount that you agree it. This option is more preferable to a lender than bankruptcy where a creditor will receive nothing; you will need to have cash to make one payment to the lender. When settling with a lender, you will need to make sure that they respond in writing, so that they cannot sue you for damages after you have settled the debt for less than what is owed.
The decision to choose can be difficult, but it is important to be realistic, after you have determined how much you have to spare to make debt payments, make a decision between Debt Reduction and Debt Settlement based on what you can realistically afford and what will bring you out of financial dire straits.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
email media@2settlemydebt.com
website http://www.2settlemydebt.com
Sunday, May 1, 2011
Thursday, February 17, 2011
Self Help Debt Settlement - Steps to Help You Negotiate Your Own Debt (Part 6)
One by One: Dealing with each creditor one by one
Okay, you know where you're at. You know what you can do. Now, it's time to start the process of negating with each creditor. If you have done your budget correctly, you will have a pretty good idea where to start.
Write a letter to the creditor
Write a hardship letter to the creditor, you will need to make sure all the information is correct. Include your account number, amount owed, and your correct contact information. The letter should include why your account has fallen behind, how your situation has changed. Be sure to also indicate the correct method that the creditor must communicate with you, as they are legally obligated to do so. Finally, it is important that you maintain a correct attitude when communicating with your creditors; you do owe them money after all.
File all communication
Not all creditors are created equal and some will want their money sooner than others. It is vital that you assemble a file for each creditor. You will need to include all correspondence that has been exchanged between yourself and the creditor. If there is ever a discrepancy between what you have said and what the creditor has said and legal action is taken, an organized file will become your best friend. Another reason this is important is when dealing through this process you may find that a lot of money is owed and it is important that you are able to remember and recall which creditors you are working with, so you don't become subject to judgments or wage garnishments as a result of you forgetting about a creditor that still needs to be paid.
Perhaps, the most important thing in preparing a plan is that you will minimize your problems. Dealing with creditors can be difficult and it can seem very overwhelming, once you are able to deal with each creditor one by one, you will find that solving and catching up on your debts is not as unattainable as it once looked like. More than that the process of reestablishing your credit will become easier and you will be more successful in having a stronger credit score sooner.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
email media@2settlemydebt.com
website http://www.2settlemydebt.com
Okay, you know where you're at. You know what you can do. Now, it's time to start the process of negating with each creditor. If you have done your budget correctly, you will have a pretty good idea where to start.
Write a letter to the creditor
Write a hardship letter to the creditor, you will need to make sure all the information is correct. Include your account number, amount owed, and your correct contact information. The letter should include why your account has fallen behind, how your situation has changed. Be sure to also indicate the correct method that the creditor must communicate with you, as they are legally obligated to do so. Finally, it is important that you maintain a correct attitude when communicating with your creditors; you do owe them money after all.
File all communication
Not all creditors are created equal and some will want their money sooner than others. It is vital that you assemble a file for each creditor. You will need to include all correspondence that has been exchanged between yourself and the creditor. If there is ever a discrepancy between what you have said and what the creditor has said and legal action is taken, an organized file will become your best friend. Another reason this is important is when dealing through this process you may find that a lot of money is owed and it is important that you are able to remember and recall which creditors you are working with, so you don't become subject to judgments or wage garnishments as a result of you forgetting about a creditor that still needs to be paid.
Perhaps, the most important thing in preparing a plan is that you will minimize your problems. Dealing with creditors can be difficult and it can seem very overwhelming, once you are able to deal with each creditor one by one, you will find that solving and catching up on your debts is not as unattainable as it once looked like. More than that the process of reestablishing your credit will become easier and you will be more successful in having a stronger credit score sooner.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
email media@2settlemydebt.com
website http://www.2settlemydebt.com
Thursday, January 20, 2011
Self Help Debt Settlement - Steps to Help You Negotiate Your Own Debt (Part 5)
Debt Settlement or Debt Reduction; what is your best choice?
After you have went through you budget, you will be able to know how much money you have left on a monthly basis to contribute towards your debt load. The question you must then consider is if you should work towards a debt settlement plan that will involve having you outstanding debt settled, or a debt reduction plan that involves working with your creditors to execute plan that reduces your interest and fees and allows you to repay what you currently owe. There are advantages and disadvantages to both programs.
Debt Settlement Plan
Pros:
A debt settlement plan allows you to pay back only a portion that is owed to your lender. An example being if you owe $10,000 a lender will settle with you for a cash payment of $5000.00 or $6000.00, this enables you to resolve your debt with your creditor(s).
Cons:
Having your debt settled could have an adverse effect on your credit. It is likely that you will be unable to get credit from any company that you have settled debt with. Another negative is that when you settle debt you must pay off the debt in one lump payment (the faster you pay the more you could save). This may not be possible if you are struggling financially.
Debt Reduction Plan
Pros:
A debt payment plan involves arranging a payment plan that is different from your regular payment plan that was originally required when you started with the creditor. This system has the most positive effect on your credit as the creditor is still able to recover all the money that is owed them. There is also a possibility of being able to have your interest reduced (sometimes to zero percent), so that you will be able to have more of your payment go towards principal rather than interest
Cons:
If you are carrying too much debt, working out a payment plan that involves continuing to pay on the debt that is owed may not offer much relief. Also, even though this is a more positive option that debt reduction in relation to your credit it could still negatively affect your credit.
So, which of these options should you choose? This really depends upon your current income and debt responsibilities. Certainly, choosing to pay back all the debt with a modified payment option is the most favorable one for your credit, and the one the lender prefers. For example if you currently owe $20000.00 in credit card debt with an average interest rate of 24.99 percent your monthly interest is about $500.00 per month. If you negotiate a five (5) year repayment plan your payments would be about $650.00 per month. By reducing your interest rate to an average of 10 percent this would reduce your interest to about $167.00 per month. If you negotiate a five (5) year repayment plan your payments would be about $425.00 per month. Now imagine if you could negotiate a zero percent interest rate with your creditor(s).
In stating the above, it's important to be realistic, if you are not making any headway now in catching up, working out a payment plan could just continue to bring you hardship. This must be considered. The most important thing to remember is that the debt reduction plan must work for you and your budget. If you choose an option that continues to keep you "tied up" you will run into the same issues.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
email media@2settlemydebt.com
website http://www.2settlemydebt.com
After you have went through you budget, you will be able to know how much money you have left on a monthly basis to contribute towards your debt load. The question you must then consider is if you should work towards a debt settlement plan that will involve having you outstanding debt settled, or a debt reduction plan that involves working with your creditors to execute plan that reduces your interest and fees and allows you to repay what you currently owe. There are advantages and disadvantages to both programs.
Debt Settlement Plan
Pros:
A debt settlement plan allows you to pay back only a portion that is owed to your lender. An example being if you owe $10,000 a lender will settle with you for a cash payment of $5000.00 or $6000.00, this enables you to resolve your debt with your creditor(s).
Cons:
Having your debt settled could have an adverse effect on your credit. It is likely that you will be unable to get credit from any company that you have settled debt with. Another negative is that when you settle debt you must pay off the debt in one lump payment (the faster you pay the more you could save). This may not be possible if you are struggling financially.
Debt Reduction Plan
Pros:
A debt payment plan involves arranging a payment plan that is different from your regular payment plan that was originally required when you started with the creditor. This system has the most positive effect on your credit as the creditor is still able to recover all the money that is owed them. There is also a possibility of being able to have your interest reduced (sometimes to zero percent), so that you will be able to have more of your payment go towards principal rather than interest
Cons:
If you are carrying too much debt, working out a payment plan that involves continuing to pay on the debt that is owed may not offer much relief. Also, even though this is a more positive option that debt reduction in relation to your credit it could still negatively affect your credit.
So, which of these options should you choose? This really depends upon your current income and debt responsibilities. Certainly, choosing to pay back all the debt with a modified payment option is the most favorable one for your credit, and the one the lender prefers. For example if you currently owe $20000.00 in credit card debt with an average interest rate of 24.99 percent your monthly interest is about $500.00 per month. If you negotiate a five (5) year repayment plan your payments would be about $650.00 per month. By reducing your interest rate to an average of 10 percent this would reduce your interest to about $167.00 per month. If you negotiate a five (5) year repayment plan your payments would be about $425.00 per month. Now imagine if you could negotiate a zero percent interest rate with your creditor(s).
In stating the above, it's important to be realistic, if you are not making any headway now in catching up, working out a payment plan could just continue to bring you hardship. This must be considered. The most important thing to remember is that the debt reduction plan must work for you and your budget. If you choose an option that continues to keep you "tied up" you will run into the same issues.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
email media@2settlemydebt.com
website http://www.2settlemydebt.com
Monday, December 20, 2010
Debt Settlement - The Obama Debt Reduction Program - Fact Or Fiction
The Obama Debt Reduction Plan
You may have heard it on the radio. It's the program that Barack Obama has to ease our debt load. The only thing is that it's not true. Whether we hear about this program, because people wish that the government provided a program, or they just honestly believe that they do. This doesn't mean that the government has been silent. There are some things to do with regulating debt that has been put into place. This pertains to Credit Card Companies and making sure that higher fees and interest rates are not passed onto the consumer in their biggest moment of need.
What fuels this program? A 9.8% average unemployment rate across the country. This has put many US Citizens in situations where they are unable to meet their monthly obligations. The unemployment rate does not include those with wage cuts, shorter workweeks, or those in the service industry receiving tips. Every one of these factors causes financial strain that cause families and individuals looking for ways to lessen their debt burden. Individuals are not alone, financial institutions have felt the pinch of hard times and have been able to receive stimulus packages from the government. This may be the reason why people think that Obama has created a program for individuals. This is simply not the case. Here are some myths that are not true:
The Obama Government does not have a debt consolidation program
Every time you hear an ad for this on the radio, understand it is just a debt consolidation company that is using the current government to convince you they are selling a government backed program. Debt consolidation is not government activity, but is provided through pay companies.
Debt Reduction Programs
There is a growing myth, that the Obama government is offering a program that will erase your debt. This is not true and not possible. Creditors still expect their debt to be resolved. Never go into any conversations with your creditor with the attitude that you don't need to pay. Even though, you may have gotten in trouble you are still responsible for the debt you borrowed it.
In order to always have up to the date and current information be sure to check out more refutable people and publications. Finances are an every-changing market, where moves are constantly being made that change the market tomorrow. Anytime, you want to do something you should consult your financial planner first.
The best advice B-EZ Enterprises can provide to consumers having financial hardship is "do your research and use common sense." Consumers should contact creditors at the earliest signs of financial hardship and utilize a "work with your creditors approach" to resolving financial issues. Creditors, in the majority of cases will work with consumers who are proactive in seeking a resolution. The fundamental objective in any successful negotiation is both parties must come away from the negotiation feeling that they received something. Consumers should remain engaged in the process and remain persistent, remember, just because a creditor was unwilling to provide a solution today; tomorrow is another day.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
email media@2settlemydebt.com
website http://www.2settlemydebt.com
You may have heard it on the radio. It's the program that Barack Obama has to ease our debt load. The only thing is that it's not true. Whether we hear about this program, because people wish that the government provided a program, or they just honestly believe that they do. This doesn't mean that the government has been silent. There are some things to do with regulating debt that has been put into place. This pertains to Credit Card Companies and making sure that higher fees and interest rates are not passed onto the consumer in their biggest moment of need.
What fuels this program? A 9.8% average unemployment rate across the country. This has put many US Citizens in situations where they are unable to meet their monthly obligations. The unemployment rate does not include those with wage cuts, shorter workweeks, or those in the service industry receiving tips. Every one of these factors causes financial strain that cause families and individuals looking for ways to lessen their debt burden. Individuals are not alone, financial institutions have felt the pinch of hard times and have been able to receive stimulus packages from the government. This may be the reason why people think that Obama has created a program for individuals. This is simply not the case. Here are some myths that are not true:
The Obama Government does not have a debt consolidation program
Every time you hear an ad for this on the radio, understand it is just a debt consolidation company that is using the current government to convince you they are selling a government backed program. Debt consolidation is not government activity, but is provided through pay companies.
Debt Reduction Programs
There is a growing myth, that the Obama government is offering a program that will erase your debt. This is not true and not possible. Creditors still expect their debt to be resolved. Never go into any conversations with your creditor with the attitude that you don't need to pay. Even though, you may have gotten in trouble you are still responsible for the debt you borrowed it.
In order to always have up to the date and current information be sure to check out more refutable people and publications. Finances are an every-changing market, where moves are constantly being made that change the market tomorrow. Anytime, you want to do something you should consult your financial planner first.
The best advice B-EZ Enterprises can provide to consumers having financial hardship is "do your research and use common sense." Consumers should contact creditors at the earliest signs of financial hardship and utilize a "work with your creditors approach" to resolving financial issues. Creditors, in the majority of cases will work with consumers who are proactive in seeking a resolution. The fundamental objective in any successful negotiation is both parties must come away from the negotiation feeling that they received something. Consumers should remain engaged in the process and remain persistent, remember, just because a creditor was unwilling to provide a solution today; tomorrow is another day.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
email media@2settlemydebt.com
website http://www.2settlemydebt.com
Tuesday, June 15, 2010
Self Help Debt Settlement - Steps to Help You Negotiate Your Own Debt (Part 4)
The debt settlement process begins!
How do I allocate my money?
How do you determine how to allocate your funds properly to the right sources on a month to month basis? Some expenses are monthly and others are yearly. These expenses will need to be calculated on how to save for on a monthly basis.
Living Expenses:
Living Expenses that are required on a monthly basis need to fit into your budget first. First, include your food expenses. Use your supermarket flyers, so that you can maximize your food budget. Secondly, include power and water. These can be somewhat fixed expenses, so it's a good idea to have them debited directly from your account. Fixed Monthly Expenses can also include your phone, internet, and television costs. Make sure each expense is on a package, so that the expense can be budgeted for as a fixed monthly expenditure. Other budget costs that need to be accounted for are gas costs, and any fixed medical costs. This will also include your rent or mortgage.
Living Expenses not due every month:
It's a very easy formula. Every expense that is paid on a yearly basis needs to be divided by twelve and put away to prepare. There are a few ways to do this; many companies will allow you to pay them monthly. You can also put the money away in a high-interest savings account, so that you will have enough funds when the time comes to pay. Expenses that are included in this are car insurance, property taxes, Christmas (a time not to over spend), some car expenses, and vacations (try a staycation instead).
Dealing with Your Debt:
After, you have allocated all your money to your appropriate living expenses. You will need to attack your debt. It is likely, that you are in a position that your debt has overwhelmed you and you cannot pay everything that is owed. In the future, you will want to make sure to keep your debt payments at no more than 30% of your monthly income. If you find that you can't make your debt payments, you will need to take the following steps.
How to I determine how much you can pay your creditors
Gather all of your monthly bills together and establish a monthly budget. Make a list of your necessary monthly expenses to include your mortgage or rent, car payments, utilities, Insurance, gasoline, food and other household bills. Take this amount and multiply that sum by 1.2; this will give you an additional 20 percent cushion for unexpected expenses or emergencies. The difference between your total household income and the previously calculated amount is your monthly settlement budget. Start setting this amount aside as your settlement fund, as this fund accumulates use this as your benchmark for amounts you offer your creditors.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
email media@2settlemydebt.com
website http://www.2settlemydebt.com
How do I allocate my money?
How do you determine how to allocate your funds properly to the right sources on a month to month basis? Some expenses are monthly and others are yearly. These expenses will need to be calculated on how to save for on a monthly basis.
Living Expenses:
Living Expenses that are required on a monthly basis need to fit into your budget first. First, include your food expenses. Use your supermarket flyers, so that you can maximize your food budget. Secondly, include power and water. These can be somewhat fixed expenses, so it's a good idea to have them debited directly from your account. Fixed Monthly Expenses can also include your phone, internet, and television costs. Make sure each expense is on a package, so that the expense can be budgeted for as a fixed monthly expenditure. Other budget costs that need to be accounted for are gas costs, and any fixed medical costs. This will also include your rent or mortgage.
Living Expenses not due every month:
It's a very easy formula. Every expense that is paid on a yearly basis needs to be divided by twelve and put away to prepare. There are a few ways to do this; many companies will allow you to pay them monthly. You can also put the money away in a high-interest savings account, so that you will have enough funds when the time comes to pay. Expenses that are included in this are car insurance, property taxes, Christmas (a time not to over spend), some car expenses, and vacations (try a staycation instead).
Dealing with Your Debt:
After, you have allocated all your money to your appropriate living expenses. You will need to attack your debt. It is likely, that you are in a position that your debt has overwhelmed you and you cannot pay everything that is owed. In the future, you will want to make sure to keep your debt payments at no more than 30% of your monthly income. If you find that you can't make your debt payments, you will need to take the following steps.
How to I determine how much you can pay your creditors
Gather all of your monthly bills together and establish a monthly budget. Make a list of your necessary monthly expenses to include your mortgage or rent, car payments, utilities, Insurance, gasoline, food and other household bills. Take this amount and multiply that sum by 1.2; this will give you an additional 20 percent cushion for unexpected expenses or emergencies. The difference between your total household income and the previously calculated amount is your monthly settlement budget. Start setting this amount aside as your settlement fund, as this fund accumulates use this as your benchmark for amounts you offer your creditors.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
email media@2settlemydebt.com
website http://www.2settlemydebt.com
Self Help Debt Settlement - Steps to Help You Negotiate Your Own Debt (Part 3)
Budgeting: Putting food on the table for less
You got to eat, right? But, how do you eat healthy and well for less? Food costs are rising all over the planet and families have seen their food budget increase and eat up more and more of their disposable item.
Here are some tips to keep your family healthy and well-fed without straining the budget:
Grocery Shop with a list
It's amazing how many people grocery shop without a list, and end up running up their grocery amounts to excessive amounts. Before visiting the grocery store, go through their weekly flyer and make a list of the on sale items and plan to incorporate those items into your meals. Generally, the items that you need are on the outskirts of the store, so if you don't have to go down a grocery aisle, don't.
Don't be afraid of the discount bin
Don't be afraid to buy items from the discount bin even if the cans are dinged up. Just because the packaging is hurt doesn't mean the food is. You can often get items for half-priced that are close to their due date. Consider these items as well, as they will just need to get eaten first.
Buy in Bulk...Most of the Time
Any items that are likely to be used on a regular basis in your house, consider buying them in bulk. These items include things like sugar, flour, meats, etc. A word of caution though is that it's not necessary to buy items in bulk that you won't be able to eat before they go bad.
Grow a Garden
If eating healthy is important to you, consider growing your own garden. This will be extremely inexpensive. Make sure though, before you go ahead with growing a garden that you are prepared to handle to work, as if you aren't diligent your garden won't produce anything and your money will be wasted.
Learn to love leftovers
Try to keep using food that is leftover in other meals. There are a lot of websites that can help you utilize what you have, rather than making a trip to the grocery store every day.
Eat before leaving the house
A lot of people end up splurging at restaurants simply, because they haven't taken the time to eat at home in the morning. Eat a good breakfast, and bring a snack with you to work, and you'll save your snack money.
Money is not about how much you make, but how much value you can create from your dollars. Make a plan right now to watch your money your spending on food, and you'll find you wallet isn't starving anymore.
If you have been reading the articles in the series, you should have a good idea by now how being conscious of your spending habits can increase your ability to allocate funds towards resolving your debt. In my next article I will lay out how to use this budget to start negotiating with your creditors.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
media@2settlemydebt.com
http://www.2settlemydebt.com
You got to eat, right? But, how do you eat healthy and well for less? Food costs are rising all over the planet and families have seen their food budget increase and eat up more and more of their disposable item.
Here are some tips to keep your family healthy and well-fed without straining the budget:
Grocery Shop with a list
It's amazing how many people grocery shop without a list, and end up running up their grocery amounts to excessive amounts. Before visiting the grocery store, go through their weekly flyer and make a list of the on sale items and plan to incorporate those items into your meals. Generally, the items that you need are on the outskirts of the store, so if you don't have to go down a grocery aisle, don't.
Don't be afraid of the discount bin
Don't be afraid to buy items from the discount bin even if the cans are dinged up. Just because the packaging is hurt doesn't mean the food is. You can often get items for half-priced that are close to their due date. Consider these items as well, as they will just need to get eaten first.
Buy in Bulk...Most of the Time
Any items that are likely to be used on a regular basis in your house, consider buying them in bulk. These items include things like sugar, flour, meats, etc. A word of caution though is that it's not necessary to buy items in bulk that you won't be able to eat before they go bad.
Grow a Garden
If eating healthy is important to you, consider growing your own garden. This will be extremely inexpensive. Make sure though, before you go ahead with growing a garden that you are prepared to handle to work, as if you aren't diligent your garden won't produce anything and your money will be wasted.
Learn to love leftovers
Try to keep using food that is leftover in other meals. There are a lot of websites that can help you utilize what you have, rather than making a trip to the grocery store every day.
Eat before leaving the house
A lot of people end up splurging at restaurants simply, because they haven't taken the time to eat at home in the morning. Eat a good breakfast, and bring a snack with you to work, and you'll save your snack money.
Money is not about how much you make, but how much value you can create from your dollars. Make a plan right now to watch your money your spending on food, and you'll find you wallet isn't starving anymore.
If you have been reading the articles in the series, you should have a good idea by now how being conscious of your spending habits can increase your ability to allocate funds towards resolving your debt. In my next article I will lay out how to use this budget to start negotiating with your creditors.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
media@2settlemydebt.com
http://www.2settlemydebt.com
eMail From Ester About US
Ian,
Thank you very much for your timely and useful advice. I just cancelled our contract with a debt settlement company. In trying to find a solution to help us settle our business credit card debts, I almost got us deeper in debt if I went ahead and use a debt settlement company. This company would have charged us a 15% fee on total debt for using software meant for consumers with personal unsecured debts. That is $150.00 for every $1,000 amount due that would have been wasted and given us more future problems. If I were settling personal, unsecured debts, I would definitely use your software.
Indeed, it would give us more assurance to deal with a local attorney who would negotiate with the banks for us or even file a Chapter 11 for small business bankruptcy, than deal with debt settlement companies. The debt settlement fees asked could have paid for one or two of the credit cards.
We need more people like you who are finding solutions and helping financially distressed, hardworking Americans during our present economic downturns.
All the best,
Esther - Idaho
P.S.
You may use my email message as reference. Again, thanks.
Thanks Ester,
I'm sorry I could not provide specific advice to help you in your current situation. As I advised you we are not a debt settlement company but a Self Help debt settlement website. We provide our customers the method and tools they need to negotiate directly with their creditors.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
media@2settlemydebt.com
http://www.2settlemydebt.com
Thank you very much for your timely and useful advice. I just cancelled our contract with a debt settlement company. In trying to find a solution to help us settle our business credit card debts, I almost got us deeper in debt if I went ahead and use a debt settlement company. This company would have charged us a 15% fee on total debt for using software meant for consumers with personal unsecured debts. That is $150.00 for every $1,000 amount due that would have been wasted and given us more future problems. If I were settling personal, unsecured debts, I would definitely use your software.
Indeed, it would give us more assurance to deal with a local attorney who would negotiate with the banks for us or even file a Chapter 11 for small business bankruptcy, than deal with debt settlement companies. The debt settlement fees asked could have paid for one or two of the credit cards.
We need more people like you who are finding solutions and helping financially distressed, hardworking Americans during our present economic downturns.
All the best,
Esther - Idaho
P.S.
You may use my email message as reference. Again, thanks.
Thanks Ester,
I'm sorry I could not provide specific advice to help you in your current situation. As I advised you we are not a debt settlement company but a Self Help debt settlement website. We provide our customers the method and tools they need to negotiate directly with their creditors.
Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717
media@2settlemydebt.com
http://www.2settlemydebt.com
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