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Debt settlement consultants facilitate debt settlement programs for consumers who are overwhelmed with massive debt or who are considering bankruptcy as a last option. This process is also known as debt negotiation and debt settlement consultants are experienced in this aggressive, and often successful, process for debt management and reduction.
Creditors are often willing to accept less than the original balance through debt settlement because they probably realize that some money received is better than no money received if the debtor chooses to file for bankruptcy protection. Creditors probably know that they are far more likely to receive payment of any level by allowing for a lower total payment. Debt consultants and credit counselors often develop relationships with creditors and can use this connection to the consumer’s advantage as well.
After debt is settled by a debt settlement plan, the creditor typically sends out a letter saying that ..