Why Debt settlement

Over the years our team has helped thousands of people settle their debts and start on the path to rebuild their credit.

So on this page I’ll go over what we can do for you, why we are different and the recent changes that have all but eliminated most credit options for people you are over their heads with debt.


While over the years we’ve help many people who ran into hardship and could no longer make the minimum payments on their debt making Debt Settlement their best option. The recent events of the credit markets have changed everything. Over the years clients who were homeowners and ran up too much debt simply did a cash out refinance. If they couldn’t qualify no problem the mortgage broker just made more income and they were approved. This house of cards has been building for 7 years and in mid 2006 it started to come apart. With rising defaults the Wall Street companies that control the credit markets started to not buy riskier loans. On top of that 5 years ago these same mortgage companies started aggressively pushing 2 and 3 adjustable loans whose rate would jump 3% to 5 %. With millions of borrowers whose rate was about to adjust and many need more cash out Wall Street dealing with rising defaults started to panic and stop buying loans. Meanwhile lenders kept a business as usual attitude and kept making loans they couldn’t sell. Well move forward 12 months and over 100 lenders have gone out of business. Almost 100,000 mortgage professionals out of jobs. This reached a peak in August of 2007 which is now known as the great credit crunch of 2007.

So how does this affect Debt Settlement and Debt Consolidation?

First the obvious answer there are far fewer credit options available today. Debt consolidation which is the most searched term for credit issues on the major search engines ( Google, Yahoo, MSN, Ask and Looksmart) really doesn’t exist anymore.
When you search for debt consolidation what you get are debt settlement companies like mine www.debtsettlementquote.com. A true debt consolidation is a new loan that consolidates all your bills into one new loan. Unfortunately true debt consolidation loans have disappeared due to the credit issues listed above. The debt consolidation loans that remain often offer no benefit to the consumer, and most could not qualify.

So when looking at a debt settlement options, you should be aware of companies that are calling debt settlement debt consolidation, that should major be a red flag. Feel free to compare any company against mine www.debtsettlementquote.com.

Another red flag for misrepresentation is when a debt settlement debt consolidation company claims to reduce you debt by 50% or more. How can this be almost every company’s claims to reduce you debt right. Well just because they say it doesn’t make it correct.
They advertise that way because that makes the phone ring. In truth you debt is never reduced. In order to qualify for debt settlement you must be in a position where you can no longer make even the minimum payments. At that point if you have missed or are about to miss a payment you will get charged late fee and start accruing even more interest charges. This is hardly reducing your debt.

So how does Debt settlement work?

Simply that’s how. Our expert debt advisors start buy analyzing your debt to determine what will qualify for debt settlement. Our team will determine a payment plan that you will approve to the new plan we will create a a new bank account for you in your name. You will make a new monthly payment into this account which you will earn all the interest. As the balance grows our negotiation team will be in contact with your creditors making settlement offers. The average saving is 60%. Once a creditor agrees to our offer we requested they put it into writing which we then send to you for your approval. If you approve the settlement offer then a disbursement will be sent from your account settling that debt as paid in full or settled.

So I know what your thinking if you can settle debt and save 60% isn’t that the same as reducing it. While the end result maybe the same legally its not and any company that is willing to bend the rules for marketing purposes shouldn’t be trusted.

It’s against the law to tell a client we can reduce your debt. It’s never reduced it’s settled.

Also under (www.debtsettlementquote.com.) Debt settlement plan you have one new payment that will be used to settle your debts. That’s sure sounds like debt consolidation. Again we are not loaning you money and we are consolidating your debt. We are helping manage a payment plan which will be used to settle your debts.

The last thing you should know is you control your debt settlement plan. We are just administrators who work for you not your creditors. And you can cancel the program and claim the cash in your bank account at any time.

I hope you found this helpful. Please feel free to email or call at any time

Craig Sinclair
President
Debt Settlement Quote
1-888-90-Relief
www.debtsettlementquote.com.
craig@debtsettmentquote.com