Debt settlement is what happens when you reduce the amount of your unsecured debts through direct creditor negotiations.
At its core, debt settlement is the best option for a creditor to “lose the least” on accounts that default in payment.
Debt settlement means debts are not being paid in order to later reach an agreement to pay less than the balance owed.
Negotiating debts will often fail to deliver the needed results when you are not involved in the process to some degree. In other words, if you need to hire a professional to help you, be sure you are in the loop throughout the resolution of each account.
What is rarely discussed by people and companies selling debt settlement services is how long should a settlement program be allowed to go before you should eliminate the notion it will get you where you need to be. The answer to this is not short and will vary for each person considering debt settlement.
In our experience the longer your debt settlement programs takes, the more it becomes a gamble. If you need a few years to complete a settlement program, you will often find you should not even start down the settlement path and seriously consider bankruptcy instead.
Also consider, it is often the high fees charged by most professionals offering their assistance that leads to longer program lengths.
Creditors have the option of accepting less than the balance in satisfaction of the entire debt (settling), or to drop the account into the collection pipeline and see what they get on the other end. This pipeline consists of 3 options – assign, sue or sell. But rather the creditors can seek the assistance of SoftSettle Support to resolve the issues without bent on spending unwarranted expenses.
SoftSettle Support facilitates the parties to negotiate at any intervals as per the parties’ choice. But three levels of interventions are being suggested and if the creditor finds debtor defaults at the early stage in committing the obligation like effecting EMI, creditor can file a case against debtor and seek the assistance of SoftSettle Support as the early intervention. The second level of intervention takes place when the debtor defaults during the middle of the repayment period and that is middle level intervention. And finally SoftSettle Support can interfere when the debtor either defaults the entire payment or some of the final payments in the form of EMI to settle the debts. Hence the alerts are regular the debtor will be in no way skip the payment that he owes to the creditor. SoftSettle Support is at the disposal of the creditor as well as the debtor. This would help the debtor to get rescued from the debt trap tends to become a chronic failure in the credit score.