Negotiate debt settlement free and reduce balances owed.
Negotiate debt settlement yourself or let a debt settlement company
negotiate chargeoffs and draft creditor settlement letters for you.
Can't pay bills anymore? Going through a divorce? Want to get out of debt the fastest way possible? There are many reasons why some people choose debt settlement instead of credit counseling.
Do-It-Yourself Tips to Negotiate Debt Settlement
Not comfortable dealing with creditors yourself? A debt settlement company can do it for you, and can do the entire process quickly.
They can help you settle higher amounts and charge off bills.
Determine how much you can afford to pay in total to settle debt. Write down all of your essential expenses, such as rent, mortgage, food, etc. Subtract this amount from your monthly net pay. Whatever is left over is what you can pay out each month on your debt settlement plan.
Make a list of all of your delinquent accounts and the amounts owed on each.
Next to each creditor's name and balance owed, write down how much of your debt settlement budget you can pay toward that account. The closer to 50% of the balance that you can get, the better chance you'll have of getting your offer accepted.
Contact your creditors (or the collection agencies if your debt has been turned over). Explain your plan and how it affects them. Explain that your current financial situation simply won't allow you to make your payments as you originally agreed.
Tell creditors how much you owe in total, how much you have available to pay off all your debts, and how much you can pay to settle their particular accounts. Let them know that your offer is being sent to all of your creditors, and the ones who accept the offer first will be paid off first.
You'll receive some acceptance letters as well as rejections. Keep a copy of the acceptance letters for your records and immediately send in the amounts agreed upon, requesting a receipt stating "paid in full". Don't send any debt settlement payments until you get the revised agreement in writing.
Each month, repeat the process while adjusting your debt settlement offers upwards. You can now afford to offer each creditor a higher percentage of the outstanding balance because you have fewer debts left to pay off. Again, you'll receive some acceptance letters and perhaps rejections.
Keep repeating this process each month until all of your debts have been settled.
Important things to keep in mind:
Insist on getting all debt settlement agreements in writing, and never pay the amount agreed upon until you receive the signed written agreement. Your creditors could easily accept your offer on the phone, then "forget" about the settlement offer after receiving a payment.
Keep all signed agreements and receipts for your records, even after the accounts have been marked "settled" on your credit reports.
Be very careful with your finances in the future to ensure that you never have to repeat the debt settlement process again.
You can negotiate payoff of unsecured bills without a debt settlement loan.
If you need professional help, use our form above to locate a counselor.
Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual's unsecured debts are less than $360,475 and secured debts are less than $1,081,400. 11 U.S.C. § 109(e). These amounts are adjusted periodically to reflect changes in the consumer price index. A corporation or partnership may not be a chapter 13 debtor. Id.
An individual cannot file under chapter 13 or any other chapter if, during the preceding 180 days, a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. 11 U.S.C. §§ 109(g), 362(d) and (e). In addition, no individual may be a debtor under chapter 13 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing. 11 U.S.C. §§ 109, 111. There are exceptions in emergency situations or where the U.S. trustee (or bankruptcy administrator) has determined that there are insufficient approved agencies to provide the required counseling. If a debt management plan is developed during required credit counseling, it must be filed with the court.
Making the Chapter 13 Bankruptcy Plan Work
The provisions of a confirmed plan bind the debtor and each creditor. 11 U.S.C. § 1327. Once the court confirms the plan, the debtor must make the plan succeed. The debtor must make regular payments to the trustee either directly or through payroll deduction, which will require adjustment to living on a fixed budget for a prolonged period. Furthermore, while confirmation of the plan entitles the debtor to retain property as long as payments are made, the debtor may not incur new debt without consulting the trustee, because additional debt may compromise the debtor's ability to complete the plan. 11 U.S.C. §§ 1305(c), 1322(a)(1), 1327.
A debtor may make plan payments through payroll deductions. This practice increases the likelihood that payments will be made on time and that the debtor will complete the plan. In any event, if the debtor fails to make the payments due under the confirmed plan, the court may dismiss the case or convert it to a liquidation case under chapter 7 of the Bankruptcy Code. 11 U.S.C. § 1307(c). The court may also dismiss or convert the debtor's case if the debtor fails to pay any post-filing domestic support obligations (i.e., child support, alimony), or fails to make required tax filings during the case. 11 U.S.C. §§ 1307(c) and (e), 1308, 521.
Review Disclaimer:
Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
At Superior Debt Services we work for you, the consumer. Many debt relief companies, especially those that are non-profit, are actually set up by creditors themselves to recover as much of the debt as possible. We won’t ensnarl you in that trap here. Here are some company highlights:
* We have over 11 years of experience learning the ins and outs of the debt settlement industry.
* We do not charge upfront fees! We do not pay ourselves until at least one of your accounts is settled. In fact, we’ve successfully operated a settlement-based fee model since 2006.
* We have an ‘A’ rating with the Better Business Bureau- you can verify this by visiting bbb.org. Just click on Check Out a Business or Charity, then type in Superior Debt Relief. The state is Colorado (CO).
* We use an FDIC insured account in order to grow funds that go toward your settlements. Clients have full access to this account 24/7, and we are authorized to view the balance when creditors call us.
* We are certified by the International Association of Professional Debt Arbitrators (IAPDA). We have been listed #1 with the IAPDA for 4 years in a row!
Credit Card Debt Relief: Credit card debt is easy to get into. Unfortunately, it has also been designed to be nearly impossible to get out of. Minimum payments can keep a consumer on the hook for 30 years or more. In this time, he/she will have typically paid back the original credit card debt - ten times! Obviously, making only the minimum payment is not an effective way to get out of debt. But when a financial hardship inevitably occurs, it gives the credit card companies a reason to increase interest rates, making even the minimum payments unaffordable. We understand how devastating this practice is. That is why we are committed to a debt settlement model designed to work for you - the consumer.
What makes Superior Debt Relief Services different? First, we are a debt negotiation company that saves you money before we get paid. Most other debt settlement companies will charge fees before settling even one of your debts. We believe such an approach is detrimental to the consumer that is already struggling to make ends meet resulting in no debt relief. We defer being paid until you see results. Don’t be mislead by the non-profit status of many companies out there, nobody works for free. These non-profit entities are typically set up by the credit card companies and have only their own best interests in mind. We are paid fees only if we save you money, and that is our incentive to get the best possible results for you. Second, we give you a full 30 days to rescind the contract if you are unhappy with our services, or decide another route is more appropriate. This is a length of time that is unheard of in the debt relief industry. We are that confident that you will be satisfied. While most debt relief companies have a sales team larger than the customer service department in order to bring new clients in faster than they drop out of the program, we take the opposite approach. We believe that client retention will make us successful. Our sales team is comprised of educated and trained financial advisors. This department accounts for only 1/6 of our total workforce. We spend relatively little on marketing; most of our business is generated by word of mouth and the positive reviews across the Internet and BBB. That is why we have one of the highest client retention rates in the debt reduction industry. Third, we really do what we say we will do. The debt settlement statistics you see on this page are not some automated program that incrementally increases these numbers with length of visitation. These are real numbers that we post every month. We include any and all settlements processed within a given month. These numbers do not include settlements for student loans, secured debt, mortgages, etc. We will tell you upfront that these are not types of debt we can work with - any company that tells you differently should be viewed with great skepticism. We get the best results with credit card debt, but all unsecured debt is negotiable
Debt Settlement: With this approach, negotiations are made with a credit card company in efforts to reduce the total amount of debt owed. With this forceful method of credit card debt relief there are many important advantages. Many consumers are able to significantly lower the total amount owed while paying off debt in 12-36 months. Making only minimum payments is not an effective way to get rid of large amounts of debt. Debt settlement clients notice a drastic reduction in their monthly payments as compared to monthly payments made to creditors. Debt settlement is a superb debt relief option for consumers who have unsecured debt of $10,000 or more, struggle to meet the minimum monthly payment, or are already behind on payments.
Debt Consolidation Program: Debt consolidation can be thought of as ‘many for one.’ This means that a consumer takes out one loan in order to pay off several debts. Reasons for choosing this option include securing a lower or fixed interest rate, or to make one convenient monthly payment rather than many. However, this monthly payment occurs over a longer period of time. The decision to consolidate must be weighed very carefully, as a consolidation program can severely limit the ability of a debtor to eliminate debts in bankruptcy. Further, due to the theoretical advantage that debt consolidation offers a debtor with high interest balances, companies will often charge very high fees for the debt consolidation loan. Another detrimental aside is that some companies will actually wait until a client has painted themselves into a corner and must refinance in order to consolidate and pay off debt.
Credit Counseling: This involves actually working with credit card companies in order to lower the amount of interest charged. Consumer credit counseling usually allows a debtor to eradicate debt in around 4-5 years while saving some money from the original interest charged. The dark side of this debt relief option is that many of these companies are actually set up by the credit card companies with the goal of collecting as much of the original debt as they can. Their traditional non-profit status is generally a distraction, as all their profit after operation expenses goes straight back into the credit card companies’ pockets. Another drawback is that any assistance from these companies shows up on your credit report as TPA (third party assistance), which can be just as detrimental to your credit score and rating as a bankruptcy!
Chapter 7 Bankruptcy: This is considered the final option for debt relief because of the harsh credit consequences. For debtors who owe large sums of money on their credit cards and don’t have enough income to make up the difference, this may seem like the best solution. With Chapter 7 bankruptcy, a debtor is usually forced to liquidate all non-exempt assets of value and pay the creditor money from the sale. The majority of consumers who file a chapter 7 bankruptcy will warn you that the long term consequences are really not worth it.
Superior Debt Relief
625 Redwing Road #140
Fort Collins, CO 80526
1-888-366-3414
Review Disclaimer:
Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
You’ve made it to our site, how you got here doesn’t really matter, what does, is that you take advantage of the information. The bottom line is you’re here for a reason! Don’t stop now, if you have a significant other, grab them, they’ll probably want to be involved in this discovery.
What’s important is that you know your options when it comes to debt relief
Emerge America provides three services to consumers who have had the wind knocked out of them financially and in need of assistance. To some of you, the methods of debt relief you’re about to discover might seem unconscionable or unrealistic, we’re here to tell you they have been used for decades and honed over the years to provide real results.
BE EDUCATED: In order for a debt relief service provider to charge consumers upfront service fees, one of the laws require a face-to-face meeting between the debt counselor and consumer. Many debt relief firms are deploying schemes as a work around to these laws simply to take your money. Beware!
- There’s no reason to pay upfront fees
- Require the firm you choose to perform first (Law Firms Included)
- Make sure the counselor you work with provides the mandatory disclosures
- If the service fee exceeds 12.5% of the debt amount at the time you enroll…RUN!
There are two things we are sure of…
1. If you speak to one of our counselors you will get straight talk and come away with a detailed understanding of the pro’s and con’s of any service we provide.
2. Compare our service & fee to any firm in the country… Hands down you’re a winner!
Don't be fooled by Debt Settlement Companies that...
- Charge up-front education fees, as a workaround to new FTC ruling
- Allow for undercapitalized affiliate offices - here today, gone tomorrow
- Promise great customer service, until you try & get them on the phone
- Make unsubstantiated claims that they frequently can't deliver
- Hide behind (paid for) industry associations
- Use high pressure tactics
Chargeoff credit card - How to charge off credit card balances yourself, or get professional help from a debt settlement company.
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Sooner or later, debt wins. If you ignore your spending limits, eventually all your income will be spoken for even before you earn it. If you don't exercise self-control beforehand, the day will come when you simply won't have any more money to waste, nor the ability to get a credit card or a loan.
For effective debt elimination, you have to use your cash, credit cards and loans carefully and stop the cycle of buying now and paying later. Sharpen your money management skills and stay determined to be debt free.
