Debt settlement
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Debt settlement is a process that allows you to reduce your debt with your creditors by as much as 60%. Creditors would rather have you pay something than nothing, so they are often willing to negotiate.Debt consolidation and debt settlement will help you save money on outstanding debt. You should negotiate debt settlements for less than the full amount owed then payoff the high interest rate debt with a debt consolidation loan.
Negotiating debt settlement is not all about the money factor, but also how the creditor is reporting this payment and other derogatory history. You may be able to get the creditor to remove any collection accounts and post your account as paid in full.
Debt Settlement can mean the difference between qualifying for your loan, or not. Take every oppertunity you can get to improve your credit.
When you reach an agreement with your creditors, make sure you get something in writing that explains the amount you are settling on and how they will report to the credit bureaus. Many times, creditors report to the bureaus incorrectly. If you have proof, you will be able to more easily dispute inaccuracies with the credit bureaus.
Debt settlement can affect your chances of getting a mortgage. If you enter into a debt settlement it is not viewed as paid as agreed by conforming lenders and you may not qualify for certain mortgage products.