Debt Settlement is the process in which we negotiate a debt with your creditors either directly, through collection agencies and/or with a law firm that specializes in debt collection.
One of the most critical aspects of a debt settlement is what is called the “settlement letter.” When the owner of Nationwide Debt Reduction, Inc. first started negotiating debt, first on his behalf and then for family and friends. Soon after, he was getting amazing “deals” on debt settlements. Unknown to him, he had nothing to back up these settlements.
Therefore creditors would say, “sure we’ll take $.25 cents on the dollar for what you owe and a payment was sent in. Then six (6) to eight (8) months later he would get a call from a collection agency stating that he owed the balance of the debt originally owed. When he pleaded that, “no xyz company told me they would accept the payment I sent in as payment in full,” they replied; “prove it.” He could not.
That is when the advent of the “debt settlement letter” became the key or gold or the debt negotiation process. Today, not one creditor gets paid until Nationwide Debt Reduction, Inc. has the debt settlement letter in hand BEFORE, making the settlement. He obviously learned the lesson the hard way, however you do not have to. A word of caution should you ever elect to try to do debt negotiation on your own. Most times a creditor will not send you a settlement letter in advance. If they will not, DO NOT accept the settlement. Let a professional company get you the debt help that you deserve!
Whenever a debt is negotiated, our debt negotiation department will demand a letter from the creditor explicitly explaining the details and terms of the settlement, including putting a zero $0.00 balance on your credit report. Creditors have 30 to 60 days to report this to the three credit bureaus and out clients (you) get the original of that letter for your files. This way, you do not have ABC Collections calling you 6 months to 2 years AFTER your debt is settled stating that you owe a balance. A settlement letter will and has stood up in a court of law.
Not many creditors or collection agencies do this anymore, however it is still mandatory before any debt settlement can and will be made.
Debt settlement companies such as Nationwide Debt Reduction can often reduce your debt by 60% or more when or debt settlement team is in action. In fact, most of Nationwide Debt Reduction clients finish our program in three (3) years or less due to the tremendous debt negation our staff performs.
Don’t delay. Call today and speak with a debt settlement expert – 800-890-6658.