Debt Settlement is a program that is often appropriate for families who have become financially unable to pay unsettled debts from the past that are considerably delinquent or debts that are anticipated to become delinquent.

 

Many creditors are willing to settle old debts for a fraction of the outstanding balances. To pursue this possibility, a consumer needs to have sufficient cash on hand to make an immediate lump sum settlement often for 50% or even less of the amount owed or if immediate funds aren’t available then enter into a payment arrangement for the purpose of ultimately resolving the indebtedness.

 

Old indebtedness for which there are still outstanding balances that have never been settled will usually be the cause of the most difficulty. In particular if you want to finance or refinance a property, a prospective lender will require that you satisfy the old pending balances.

 

Therefore if you have unsettled balances in relation to any of the following types of derogatory credit information, you should take the initiative and consider the possibility of Debt Settlement:

• Past due by more than 4 months

• Collection

• Charge off

• Repossession

• Judgment

 

If you are considering the use of a professional agency to help you, the challenge is to find one that is ethical and honest. The times are full of agencies that will give you bad counsel just to take your money. For example, we never recommend that families with current accounts enter this program; rather, it is for people with old debts that are either in collection or charged off. WE MAKE NO EXCEPTIONS.

 

Merrick Financial & Credit Services has been operating in the financial counseling industry since 2008 and staffed by professionals with experience for over 20 years. You will receive an honest and free assessment of what to look for and what to expect including personal income tax implications that many agencies don’t fully explain. All you have to do is call us to start the ball rolling. Because we are fully diversified in the services that we offer, we are always objective in the solution recommended to clients.

 

MFCS also provides our FREE publication titled Facts You Should Know About Negotiated Debt Settlements. Please enter your email address below to access this free publication.

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