What is a debt settlement?

A debt settlement is when a creditor has agreed to accept less than the debt amount you owe as full payment. It is sometimes called debt relief or debt adjustment. 

A third-party company commonly handles debt settlement. A debt settlement company is a middleman between you and your creditors and lenders to reduce or eliminate the amount of debt you have. 

Although you can do it by yourself, sometimes, it can be helpful to have an experienced guide to assist you through the unfamiliar process. 

How does debt settlement work?

As mentioned above, debt settlements are handled by third-party companies or sometimes a lawyer. Of course, you will need to pay for their services -- either a flat fee or a percentage of your savings. 

The debt settlement company negotiates upon your behalf with your creditors. During this process, you will need to start making payments to the company. The usual approach is depositing regular amounts into an account the company uses to make payments on your debts or collect the fees you owe. 

Once a settlement is agreed upon, you will also need to agree to the new terms. The terms are either a lump-sum reduced amount, a lower monthly payment, or a debt discharge. The debt settlement will only move forward once you agree to the terms. But you have the right to question anything that you do not see fit. 

Are you living in Florida? Here’s the cheapest way to get out of debt! 

Debt settlement is a way close to financial freedom. It lowers your debt amount and helps you avoid bankruptcy. And last but not least, it gets creditors and collectors off your back.

If you are living in Florida, we have the cheapest way to get you out of debt! 

Major Debt Negotiators provide financial relief and credit assessment for Americans bound by bankruptcy. We offer debt settlement services to help you achieve financial independence. Live a debt-free life now! Give us a call at 877-350-2062 for a free consultation. You may also visit our website at www.majordebt.com. We are located at P.O Box 297633 Pembroke Pines, Florida, 33029.