Debt Settlement Companies East Elmhurst NY

Debt settlement services in East Elmhurst are provided by third party debt resolution companies who set up payment plans, and then by means of debt negotiations with a creditor achieve a certain settlement amount to be paid by a customer.

Local Companies

NY Pawnbrokers Inc
(718) 292-4686
301 E 149th St
New York, NY
JCB International Credit Card Co., Ltd.
(212) 651-8001
70 East 55th Street
New York, NY
EMT Credit Repair Consultants
718-975-0155
2186 Schenectady Avenue
Brooklyn, NY
Jersey City Credit Card Debt Consolidation
(201) 918-3845
69 Montgomery St
Jersey City, NJ
Ocnac No 1 Federal Credit Union
(201) 420-1026
1082 Summit Ave
Jersey City, NJ
Credit Card Debt Consolidation
(631) 387-9305
162 W 22nd St
New York, NY
Alexis Kirk & Associates
(212) 572-9997
445 Park Avenue
New York, NY
Divorce-$299+court cost, Lic.BailBondsman, Immigration- A-Z Svc.
973 273-1325
877 Broad Street
Newark, NJ
Credit Repair Express
(973) 878-3118
962 Bergen St
Newark, NJ
Cft Tax
(201) 792-9778
618 Newark Ave Ste 104
Jersey City, NJ

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Debt Settlement Companies

Author: John Chase

Debt Settlement Companies

Nowadays many people easily get into a bad credit situation when they start living over the budget - don’t keep track of their income and expenditure. A variety of credit cards are being offered by different credit companies and there are always those who are lured by all the credit opportunities and may easily end up making lots of purchases on credit while making minimum payments on their cards. Then, all of a sudden they realize just how much they are in debt. When the situation is getting critical “Debt Settlement” may be the option to get out of a bad credit once and for all.

A “Debt Settlement” is an agreement concluded between a debtor and a creditor to fully satisfy a debt for a reduced payoff amount. A debt settlement agreement is achieved through debt negotiation process with a creditor in case when a debtor isn’t able to fully meet his/her debt obligations due to financial difficulties and attempts by the creditor to collect on the debt haven’t been successful. As a result, the creditor agrees to cancel part of the debt and accept the remaining sum as full repayment.

Many people are often asking: “Why would a creditor settle with me”? What’s their incentive?”

The creditor’s primary motivation is to recover funds that would be lost otherwise if the debtor filed for bankruptcy. The other key motivation for the creditor is that he can recover even more funds this way than through other collection methods. Collection agencies and collection attorneys take commissions as high as 40% on recovered funds. Collection calls and lawsuits threats often push debtors into filing bankruptcy; in this case the creditor often recovers no funds at all.

People who use debt settlement services are those who are experiencing legitimate financial difficulties, cannot repay their debts through various debt management plans offered by consumer credit counseling agencies and who also aren’t willing to file bankruptcy. That is why, debt settlement programs can be viewed as a link between consumer credit counseling services and bankruptcy filing.

Debt settlement services are provided by third party debt resolution companies who set up payment plans, and then by means of debt negotiations with a creditor achieve a certain settlement amount to be paid by a customer. Most of debt settlement companies have rich experience in convincing creditors that this is their only chance to recover anything and that they won't be able to collect anything from their client if they sue and even if they win in court.

Usually, debt settlement companies are able to cut the monthly payment contributions to approximately half of the typical monthly credit card payments, and get consumers debt free in a relatively short period of time.

For more useful information on debt settlement companies , please visit Debt Relief Adviser .

About the Author:

John is a DJ and radio producer by trade who has performed in the U.S., Russia, Germany, Turkey, Macedonia, Serbia & Kosovo. Through a strange twist of fate he found himself working in the debt consolidation and debt settlement field in Chicago. John has a great interest in charity work as well.His other interests include fitness, science & technology, modern medicine, poltics, world events and pop culture.

Article Source: http://www.articlesbase.com/debt-consolidation-articles/debt-settlement-companies-982119.html

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