CuraDebt Explains the Debt Settlement Process

CuraDebt, one of the top debt relief companies in the US explains how the debt settlement works according to a page they created to help consumers understand what happens when they enroll into a debt settlement program.

According to the article, debt settlement is also known as debt negotiation, debt arbitration or debt forgiveness. This program is designed to help consumers save as much money as possible in the shortest span of time. Each program is tailored to cater to one's unique financial situation.

CuraDebt explained that there are many factors that come in to play during the debt settlement process. To get the best reductions possible, factors such as the type of debt, age of debt, the state where you live, age, income and other financial conditions. However, the main goal is to be able to pay off the debt at the least amount possible.

The Debt Settlement Process

CuraDebt narrates that the first step is to contact a reputable debt settlement company with experienced counselors. Aside from making sure that the company you choose has the accreditation and experience necessary, it is also important that your debt counselor makes you feel comfortable and explains the details very clearly. A thorough debt analysis is done to check which program fits your unique individual financial situation.

If deemed eligible for debt settlement, a monthly payment plan is setup to be deposited into a special purpose account. As money accumulates, the debt settlement company finalizes resolutions with creditors to lower the total amount owe on each account. When offers are near finalization, clients receive a notification to approve the settled amount. Once approved, the account is settled in full and closed off. Creditors are required to notate that your account is "paid in full" to prevent a negative mark on your credit score. Only then when fees are paid to your debt settlement company. The process continues for the other pending accounts until each one has been resolved.

How To Choose A Debt Settlement Company

Steer away from companies that ask you to pay first for consultations. CuraDebt stresses that a legitimate debt settlement company will never ask for upfront fees.

Second, customer reviews are a good way to check the services of the company. Unsatisfied customers are inevitable but a company with excellent service have many positive feedbacks especially when they have been in the company for quite some time. This is also why the number of years in the business should be given great significance. Tenure in the industry means that business is doing well for them and that they have more experience dealing with debt than newer companies.

To learn more about the debt settlement process, you can see examples and comparisons at www.curadebt.com/debt-settlement-program/ .