What is Debt Negotiation?

If you are behind in payments, saddled in debt, being hounded by debt collectors, or potentially facing bankruptcy, you must act now! No debt problem just goes away, they only get worse. The longer you wait to act, usually the less cooperative creditors become. Actually, you want to address the matter before the creditor sends the debt to a debt collection company. That way you do not have to deal with a third party to arrange any debt settlement. One way to get your finances back on track is through debt negotiation, sometimes called debt settlement.

What is Debt Negotiation?
Debt Negotiation is the process of negotiating with creditors to reduce the actual amount of the debts. In other words, instead of paying the total balance owed, the creditor agrees to accept a lesser amount. For example, let’s say that you owe a $13,500.00 balance on your Mastercard credit card and you have been paying the minimum payment for about a year.

At some point, you start missing payments altogether and now the credit card company is threatening to send your account to a debt collection company.

Here is the point when you want to immediately move towards debt negotiation, if you can afford it. Oftentimes, debts can be negotiated were you only have to repay 30%-60% of the actual amount owed. Factoid: 30% of the 1.6 million bankruptcies filed in 2005 occurred with debt that was current. These figures indicate it is in the best interest of creditors to agree to debt negotiation with debtors experiencing hardship. Creditors can agree to debt negotiation through their own programs, through credit or debt counseling or through independent debt arbitrators. Debt negotiation will work with all types of debts:

Credit cards
Personal loans Student loans
Past due taxes
Mortgages
Invoices
Lawsuits
Liens
Medical bills
Utility bills
Judgments
Secured loans
Unsecured loans

Debt Negotiation is a Better Debt Solution Than Bankruptcy
Clearly, debt negotiation is a better debt solution than bankruptcy for all parties involved. It is better for creditors because they avoid wasting money attempting to collect debts they may never collect. In addition, if the debtor qualifies for chapter 7, the creditors usually walk away empty handed. If the debtor successfully files chapter 13, the creditors customarily walk away with a small percentage of the money that was owed.

With Debt Negotiatio Creditors Generally Avoid:
(a) lengthy court proceedings
(b) receiving pennies on the dollar and
(c) the possibility of walking away with nothing

The Debtor is Better Off Because They Avoid:
(a) filing bankruptcy
(b) lengthy court proceedings
(c) being hounded and harassed by debt collection companies.

Debt Negotiation Just Makes Better Sense
Overall, it makes better sense to go through debt negotiation than any other debt solution available on the market. At the end of the day, you will feel much better with your debt bill reduced and you can begin the process of restoring your good name. Remember, it is much better to face your debt than hide from it, as it will never just go away. Once you deal with your outstanding debts head on, you will be on your way to a better financial future.

Joel Marks has been helping people get out of debt and avoid both bankruptcy and foreclosure for over fifteen years. Utilizing savvy debt counseling, debt management programs, Federal laws and a team of attorneys, debt counselors and advisors, he has quietly assisted thousands come from under the heavy burden debt.

For more information on this topic or any other issue related to getting out of debt, living debt free, debt management, debt relief, the Fair Debt Collection Practices Act and stopping debt collectors in their tracks, please visit www.DebtErasure.com

Source: http://www.DebtErasure.com

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