Debt Settlement Companies Farmingville NY

Debt settlement services in Farmingville 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

1 2 3 Credit and Debt Counseling Service
(718) 454-1679

Queens Village, NY
Central Credit Bureau
(518) 877-8252
313 Usher Rd
Clifton Park, NY
Ettman David K
(315) 568-8199
115 Fall St
Seneca Falls, NY
Paralegal Offices of Karl Barry
(212) 233-8377
7 Dey St Rm 211
New York, NY
Universal Credit Services
(718) 805-2895
8904 Jamaica Ave
Woodhaven, NY
Castiglia-Rubinstein Attorneys at Law
631-845-7222 Ext. 2010
445 Broadhollow Road
Melville, NY
Aaron Hamilton & Brown
(716) 862-0708
1833 Kensington Ave
Buffalo, NY
Mason Credit Counseling Inc
(631) 863-1100
22 Lawrence Ave
Smithtown, NY
Gomerman Adam
(631) 549-2070
807 Jericho Tpke
Huntington Station, NY
American Foundation For Consumer Credit Counseling
(516) 747-6702
500 Old Country Rd
Garden City, NY

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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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