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Our Debt Settlement Program

Some of the stories you’ve heard are true. Debt Relief is completely possible and its sometimes possible to settle with your creditors so that you pay less than you actually owe. In fact, it’s not uncommon to have collectors settle for as little as .30 cents on the dollar.

Thousands of people have used our debt settlement services and that was exactly the savings they needed. After all, reducing your credit card balances by 40, 50 or 60 percent can be a pretty big savings. But, those savings doesn’t come with a price.

The Downside of Settling

If you’re current on your credit cards and your credit score is a matter of concern for you, debt settlement may not be the right program for you. There are a few significant drawbacks which are:

- Creditors won’t typically consider making any type of payment arrangements with you unless you haven’t made a payment in at least 90 days. Why would they? If you’re current and haven’t shown any type of financial hardship to this point, they’re happy just where they are. And obviously, allowing yourself to fall that far behind is going to have a significant impact on your credit score.

- The second big drawback is that any amount you are released from, you will probably have to pay taxes on. In other words, if you have a $10,000 credit card debt and you settle it for $5,000; you’re probably going to get taxed on that $5,000 you were excused from.

How We Offset Those Negatives

Remember, we’re pretty good at credit repair and that means your credit score is always a primary focus for us. So, if you’ve chosen to enter our settlement program, every negotiation we make, always includes an offer to have the late pays removed. There is no law that forces them to do it, and there is certainly no guarantee that they will however, on average, we can get about 50 perfect of creditors to do it.

Another big benefit of our program is that we can get you approved for a $5,000 or $10,000 unsecured credit card. That is going to go a long way with offsetting the damage of a debt settlement program.

So is it the Right Program For You?

Obviously there are some pretty big benefits of most debt settlement programs; namely the savings. And in today’s economy, most people need a break. But your credit scores going to be affected and you’re going to get a tax bill.

But, if you need relief today, you can afford the tax bill later and you can handle the temporary hit to your credit – then there are some pretty big savings.

My Credit Group has one of the most affordable and effective programs available anywhere. Give us a call and we’ll give you a free consultation.

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