Settlement

Settlement

Credit card debt is a tough road to travel without the knowledge and know-how to choose the right path. Getting out of debt involves understanding the debt industry, knowing who to turn to, and trusting your choice. The best way to get out of debt is to understand your options.

Below are the most often asked questions regarding debt settlement in Indiana. If you have any other questions or concerns, don’t hesitate to give us a call at 1-866-332-9312.

Feel free to contact us at 1-888-386-3618 or fill out the form below to have one of our associates contact you!

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What is debt settlement?

Indiana debt settlement is no different then debt settlement in every other state across the nation. Nearly every aspect of the debt laws are the same, including the statute of limitations and your consumer rights. What you need to know is how debt settlement works. This is a process by which an experienced debt negotiator will diligently work with your creditors to reach an agreeable settlement. It can be a timely process, and will involve a bit of work on your part, but it will reduce your debt balance and teach you responsible money management.

Who is eligible for debt settlement?

Many fraudulent debt settlement companies will enroll just about anyone into their programs, strictly to make a profit. However, there are strict guidelines that ACCORD members must follow when qualifying potential clients. When you speak with a debt consultant, they will take a look at your overall financial situation. Credit score is not a factor in this decision. The final decision will be made by the underwriter, who will contact you to discuss the outcome. Most potential clients are accepted.

How is debt settlement different from debt consolidation?

Debt settlement is quite the opposite from debt consolidation. In Indiana, when you consolidate your debt you are simply compiling the problem. With debt settlement you will be able to see the light at the end of the tunnel as your debt negotiator works to lower your final balance.

How is debt settlement different from debt counseling?

While debt counseling seems to be the popular way out of debt currently, it might not be the most responsible course of action. A debt counselor will work to lower your credit card interest rates, which will indeed lower your monthly payments but will lower your overall balance. And while you’re paying fees to your debt counselor, and continuing to pay on your credit card debt, you are still struggling to get ahead. Debt settlement works to lower your overall final balance, usually ending up as a settlement minus the interest and penalty fees.

Will debt settlement affect my credit?

This is the toughest question that many of our clients ask, because the answer is yes. Debt settlement in Indiana will affect your credit score. Most people, however, do not even realize that making late payments is just one factor of their credit score, excessive debt is another. The great thing about debt settlement is that an agreement is made between you and your creditor that requires him to write a settlement letter stating that your accounts have been settled in full, which can be used if there are any discrepancies upon your credit.

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