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How To Receive Debt Settlement In Euless Texas

Recently, the rate of inflation has dramatically increased. With the shift in prices, people are trying to sustain their livelihood through any means, such as debts. While many people have several debts, some are unable to pay the lenders as originally agreed. Due to the number of people needing assistance with debt problems, debt settlement offers a solution. If you are a debtor, how can you receive debt settlement? Here’s how. Debt Settlement In Euless Texas

Before digging deeper, what does debt settlement involve?

It is an agreement between a creditor and a borrower to reduce debt when they cannot pay the total amount. Unlike debt consolidation in Euless Texas, which involves taking a loan to pay off multiple debts, debt settlement involves your creditors lowering the amount that you pay back. This can be done in a lump sum or over a few payments. It is also much different from credit counseling, which only lowers your interest rates and makes small monthly payments to your creditors.

Typically, many debtors are looking for ways to reduce their debt. If this is you, here is how to receive the settlement.

How to Receive Debt Settlement

Analyze the Financial Situation

The debtor’s financial situation is critical in the process of debt settlement. Looking at the financial status is vital because it will help determine whether the person qualifies for a settlement or not. For example, to receive debt settlement in Euless Texas, you will have to provide a review of your financial situation. In the long run, the company will advise you to stop paying the debtors and start putting money into a special purpose account.

Put the Money in a Saving Account 

Driving you to the debt settlement process puts your savings in an account. The money in the account is not for the company, so you don’t have to worry. After the money reaches the required amount, the company will contact the creditors to agree on the settlement. Only at that point is the company allowed to take the agreed-upon fee for performing the service. Companies that charge upfront fees for settlement services are breaking federal law. It is important to consider that Texas has a fee cap of 17% of your debt balance for debt negotiation services. Most out-of-state companies and even some companies based in Texas will charge as much as 25% or more for this service. The quality of the services you receive is imperative to your success and completion of the program.

Debt Settlement

Research the Better Business Bureau website and look for a company based in Texas that is licensed and has offices you can technically walk into, even if it is not local to you. Look for accreditation and ask for the licensing information. See how long the company has been in business and ready any reviews or complaints. If you choose a non-reputable out-of-state company charging high fees and providing poor service, you could be in worse shape than you are today.

How to Receive Debt Consolidation in Euless, Texas

The fastest way to get help is to call to speak with a Texas Debt Specialist now. You may also fill out the form above and one of our Texas Debt Specialists will reach out to provide you with a free and no-obligation consultation for Debt Relief or Debt Consolidation in Euless, Texas.

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Debt Consolidation Euless, Texas, Credit Counseling Euless, Texas, and Debt Relief Euless, Texas Consultations are Free of Charge with no obligation. Affordable Debt Consolidation is not a lender but offers a platform to receive offers from participating lenders.  Credit counseling clients generally obtain an interest rate between 6% and 11%.  Debt negotiation clients who make their scheduled monthly program payments generally experience approximately a 45% reduction of their enrolled balance before fees over a 24-48 month period, not including any optional and separate services such as legal services provided by a law firm.  Our settlement fees are 15% of the enrolled balance compared to 25% charged by most competitors. Individual results vary based on the ability to fund the program, and the creditors enrolled. Statements made are examples of past performance and are not intended to guarantee that your balances will be reduced by a specific amount or that you will resolve debt within a specific time period. Settlement fees are not charged until a debt is reduced and payment has been made to the creditor. We do not assume consumer debt, make monthly payments, or provide tax or legal advice. We are not a credit repair firm. Please contact a tax professional to discuss any possible tax consequences of paying less than the total balance. Debt Relief programs are exclusively offered to Texas residents. Logos used are property of their respective owners.

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