Can I use debt settlement in Oregon to clear up old debts?
YES! Debt Settlement is a viable option that creditors will consider when you are facing difficult financial times.
HOW DOES DEBT SETTLEMENT WORK?
After you have been delinquent in paying your accounts, usually those accounts go into an INTERNAL RECOVERY department within the company. During the first couple of months, you will receive numerous calls and letters about your account. These calls can be VERY ANNOYING, and in some cases, put your job in jeopardy if they call you at work!
THE GOOD NEWS is that you can PUT A STOP TO CREDITOR CALLS.
According to the FAIR DEBT COLLECTION PRACTICES ACT (FDCPA), once you have requested/demanded that the creditor stop calling you, they must stop! If they continue, you can report them to the State Attorney General's office and they may be subject to a hefty fine!
After approximately 120-180 days, if the creditor has not bee successful in getting you to start paying again they may offer your a Hardship Plan. Before you agree to their offer of a "HARDSHIP PLAN", you need to read BEWARE OF SO-CALLED HARDSHIP PLANS!
If you choose to decline the Hardship Plan, your account wil be CHARGED OFF, it will be placed with a COLLECTION AGENCY. This agency may also be a law firm that only specializes in debt collection.
At this point, the calls and letters start again! Even though you requested that the original creditor stop calling, now your account has been placed or sold to a different company and you must send the demand-to-stop calling letter again!
Your account has now been delinquent for approximately 6 months, and depending on your circumstances, a settlement offer of 50% or less may be possible. It takes a lot of time and effort to secure a good settlement, but settlements can and are negotiated all the time.
Click here for some ACTUAL SETTELMENT EXAMPLES.
If you are able to negotiate a good settlement (50% or less), before you send money or agree to a check-by-phone, GET THE SETTLEMENT AGREEMENT IN WRITING!
Many consumers have made a verbal agreement over the phone, authorized a settlement payment, and then find out that the company claims that the payment was just toward the ENTIRE BALANCE, and not a settlement-as-agreed.
Yes, DEBT SETTLEMENT IN OREGON as well as most all states is possible, but time consuming. We have been helping people become DEBT FREE through DEBT SETTLEMENT FOR MANY YEARS and may be able to help you also.