Debt Settlement is a negotiation between you (or your representative) and your creditor (or their representative like a collection agency or collection lawyer) to pay a lesser amount than your current balances.
Why are creditors willing to settle?
The timing can vary depending on who you're working with. Creditors typically are willing to settle when you've become late enough to trigger the accepted protocol for loss mitigation. This is typically when you're at least 90 days delinquent or more.
How do creditors determine Debt Settlement amounts?
What are the basic criteria to be eligible for Debt Settlement?
What are some of the benefits of Debt Settlement?
What are some of the risks of Debt Settlement?
Your credit score will temporarily drop, if it has not already.Collections – your account will be subjected to internal/external collections which could include being sued.You may be impacted by taxes.
Can I be sued by my creditor while pursuing Debt Settlement?
We have attorneys available that can represent you for as little as $200 that will continue to work on negotiating a settlement, be prepared to pay 50% or higher on lawsuit negotiations. For more information, you can reach out to our support team by emailing support@helloresolve.com or schedule a consultation appointment here!
How does Debt Settlement impact my credit score in the beginning?
How will my credit score change during and after Debt Settlement?
Credit scores typically don't improve during settlements, but can improve rapidly after! Some people see a much more elastic bounce back soon after their last settlement payment, whereas for some people it can take a few years to see healthy credit score improvements.
What will show on my credit report during and after Debt Settlement?
Is there a tax impact with Debt Settlement?
When will I be able to get a credit card, loan, car, and/or mortgage after Debt Settlement?
You can apply for credit cards, loans, car loans, and mortgages right after your last settlement payment is made.
Can I do Debt Settlement on my own?
Yes, many people are successful negotiating with creditors and debt collectors on their own, but be prepared to do your own research. It is hard work to optimize results. So, as for anything, there are pros and cons to this approach.
Should I get help from a traditional Debt Settlement company?
How can Resolve help me vs. traditional Debt Settlement companies? What's the difference in fees?
What is a Resolve Debt Settlement Plan?
When does the Debt Settlement Plan start through Resolve?
Do the Resolve Debt Settlement estimates include fees?
How much are the Debt Settlement fees through Resolve and how do they work?
Why is there a range in fees for the Resolve Debt Settlement estimates?
I see a legal fee of $200 as part of my Resolve Debt Settlement estimate. Do I have to pay this?
Yes. If you have been sued by a collection law firm, and would like an attorney to respond for you in court, this fee is paid to your attorney. This $200 covers only the filing of your initial response to the court summons and complaint.