Your 5 Most Common DEBT SETTLEMENT Questions Answered

debt settlement questionsChoosing to enroll in a Debt Settlement program with Debt Relief NW or any other company can be a tough decision.  Every day we get asked some of the same questions over and over again about the Debt Settlement program. 

Below I have answered the top 5 most common Debt Settlement question to help you in making this important and life changing decision.

When will Debt Relief start negotiating my debts?

Once you have enrolled in the program, your creditors will be notified, and the process will begin. Your debts will be resolved as funds become available through your savings plan.

Will my creditors continue to contact me?

The original creditor retains the right to contact you, until such time as the debt has been transferred to a 3rd party for collection efforts. Because you may still receive phone calls from the creditors, we will provide you with the tools you need to handle those calls. Your creditors can also contact you by mail. If you have questions regarding any correspondence you receive, you should immediately contact your Solutions Specialist. They will handle all of your creditors and collectors on your behalf. debt settlement question

Do all of my creditors have to be included in the Debt Settlement program?

No. We will handle only those debts that you want to include in the program. Many people retain one credit account for emergency use. Discuss your situation with your Solutions Specialist.

How long will my Debt Settlement program last?

This depends upon the amount you can save monthly and how much debt you are have. At Debt Relief, we offer programs that can fit within any budget and can eliminate your debt in as little as 18 months. However, we will work with you to create a program that specifically address your needs and objectives.

Will I be able to get credit in the future?

Yes. When you have successfully finished the program, the debt you placed in our program will have a zero balance. Good cash flow and the ability to pay are what lenders look for. Clients are able to purchase homes, refinance and obtain credit cards, and re-establish their good credit rating.

Only you can know what is the best decision for you and your family.  However, our Debt Solutions Specialist are here to answer all of your questions and help you decide if Debt Settlement is your best option or if there is another program that would work better for you. 

Please submit your questions in the comments section below or simply give us a call!


Tags: credit card debt, debt relief, debt settlement questions

Your Debt Settlement Questions ANSWERED

debt settlement questions


Every day we get asked the same questions over and over again. Here are the answers to some of the questions we get asked most often. 



What is debt settlement?

Debt settlement (also called debt negotiation) is a process of negotiating with your creditors to pay off your credit cards and other unsecured debt (student loans, auto loans, and home mortgages are secured debts, and don’t qualify) for an amount less than you currently owe, often at a 40-60% savings.

Does debt settlement really work?

Yes it does. Debt settlement works best for people who cannot pay their bills, are behind in their payments, or are considering bankruptcy. It is not designed for consumers who have small amounts of debt or who can still make their payments. It is a more aggressive approach to getting out of debt, and is not right for everyone. But debt settlement is a proven method, that will eliminate your debt quickly and save you money.

How is it different from debt consolidation or credit counseling?

Debt consolidation or credit counseling is a more traditional debt reduction option, which lowers your interest rates, monthly payments, and fees, but does not directly reduce the amount you owe. However, debt consolidation can help you get out of debt faster by lowering your interest rates and helping you pay more each month towards the amount you owe, and pay less in interest.

Will debt settlement ruin my credit score?

A credit report lists your payment history and amount of debt, so debt settlement can lower your credit score. However, many people don’t realize that having a lot of debt also lowers your credit score. And with very high debt, many lenders won’t lend you money (which is one reason to have good credit in the first place) and you may not be able to afford to borrow more money (another reason to have good credit) anyway. So, when considering debt settlement, make sure to compare the benefits (getting out of debt faster & saving lots of money) against the against the drawbacks (lowering your credit score). Getting completely out of debt and getting your life back to normal is probably well worth it.

Can my credit be repaired after I am done with debt settlement?

Yes it can. Once you have elimiated your debt, your account balances will be at zero.  From there you can re-build your credit score by using credit and debt wisely from that point forward.  You also have the right to request than any information be removed from your credit report. All information must be verified correctly, or the credit bureaus must remove it from your credit report. By taking the time to make these requests to the credit bureaus, you should be able to get a few items removed and therefore increase your credit score fast. 

How do I know if a debt settlement company is legitimate and I won't get ripped off?

As with hiring any professional to do work with you, do your homework: ask lots of questions, make sure you feel knowledgeable and comfortable with the process, read the fine print, and check with the Better Business Bureau. Learn more about choosing an honest and reliable debt settlement company before you get started.

If you have more questions, please visit our FAQ page or give us a call 


debt settlement questions


Tags: credit repair, alternatives to bankruptcy, Best Debt Settlement Companies, debt settlement questions

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