Of all Debt Relief Programs, Debt Settlement is the most desirable option and the least expensive way to get out of debt. A debt settlement program has professional debt negotiators working with your creditors to settle your debt.
Debts are negotiated in an orderly manner and agreements are reached with each of your creditors subject to your approval. The program takes about 12-36 months and is completed when all debts in the program have been settled.
Credit Counseling services keep in close touch with credit card companies and other lenders. Sometimes they can negotiate lower interest rates which will reduce your debt to a certain degree. Credit counseling may take five years, and does not provide as much savings as a quality debt settlement program can.
Another option is Debt Consolidation. These loans combine all your current payments into one monthly payment. While the interest rates may be reduced, the payment term may be very long and gets you into new debt. This type of loan is less desirable and may be more risky if your home is used as collateral.
Personal Bankruptcy should always be a last resort, because the outcome is long-lasting. Since the new law was passed, most people will only qualify for Chapter 13, which typically represents a five-year repayment plan to the creditors. Bankruptcy will stay on your credit report for ten years, making it almost impossible to obtain new credit or buy a home.
Of all Debt Relief Program options mentioned above, Fast Track’s Debt Settlement Program works best for consumers in need of a way to settle their debts and avoid bankruptcy. We negotiate with your creditors and encourage them to accept a one-time, discounted settlement payment. The Fast Track program provides ethical and dedicated service to help you achieve your goals.
When we start your plan we establish an affordable monthly payment which is deposited in a settlement account in your name. Once you have the required funds in your settlement account, we will contact your creditors and make settlement offers. We will continue to work with them until all debts in the plan have been settled. FastTrack’s goal is to settle all debts for at least 40%-60% of what you owe.
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