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Information on Debt Settlement

Negotiation the Right Way

Debt negotiation or settlement is a method by which an agreement is reached between you and a creditor to have your debt paid off in full, at a reduced amount. At the end of the process you should not have the creditor continuing to try to collect on the debt and a dedicated lawyer from the firm knows the correct and legal methods of negotiating and settling your debts. By having a respected attorney represent you, your efforts to settle your debts will be taken more seriously.

Unfortunately, there are "debt negotiation" companies out there who state that your debt can be lowered to a point where you will only pay "pennies on the dollar." Although there may an instance where this occurred, it is not common and individuals who have used these companies can still run into trouble with creditor abuse, wage garnishment and the like.

Types of Debt that can be Settled

Typically, the kinds of debts that can be negotiated and settled are personal loans, medical bills, credit card debts and automobile repossession deficiencies. Once the firm has worked out a settlement on your behalf, the usual course of action is to establish a bank account for you to pay into on a monthly basis. These monies are then used to pay off your debts at the amount that has been negotiated. There is usually a fee from the debt settlement company to set up and manage the account and the reduced amount you will have to pay varies from person to person but it is frequently between 25-50%. Properly done, debt settlement can help relieve financial stress and create a better future for you and your family.

Effective Counsel - Proven to Work!

When you work with an attorney from Price Law Group, you will have a lawyer who can explain the full array of tools that are available to successfully resolve financial problems. Starting with their free initial consultation, they work to find and carry out the precise solution that best fits your situation and goals. In certain cases, bankruptcy provides the debt relief and fresh start that some need. For others, the amount of debt they owe and their ability to pay may dictate that debt negotiation and settlement is the way to proceed.

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