There are at least two areas where debt negotiation can be useful for consumers who find themselves over their heads in unmanageable credit card debt or “upside down” with their mortgage. A skillful debt negotiator can sometimes reduce your interest rates with a bank that’s willing to negotiate and would prefer to salvage what it can rather than lose the money through forced bankruptcy. More mortgage holders are also beginning to listen and will even renegotiate a home loan at a lower interest rate. It is being done and it pays to get some help in these areas.
Debt negotiation could have a negative impact on your credit report; however, it’s preferable to bankruptcy. Most states have laws on the books that regulate debt negotiation companies and their services. Before you agree to do business with a debt negotiation company, check them out with your Better Business Bureau and other watchdog agencies. Also, watch out for the red flags of bad advice that would not be of any help. A company should explain the way they arrive at their fees before you sign up with them. Also watch out for advance-fee loan guarantees if they’re offered; some of these may be illegal in some states. Several companies and nonprofits may promise to hold your funds in a special account and then pay your creditors on your behalf. Don’t do it. Any account should always be in your name. Fast Track’s Debt Settlement Program’s account will always be in your name.
Depending on your level of unsecured debt, you willingness to be more disciplined in the future, and your future financial prospects, debt negotiation may work for you. Your unsecured debt is all debt that is not tied to property such as cars or homes. It includes most credit card debt, medical bills, signature loans, and debts for other services. Student loans cannot be discharged through bankruptcy; they have to be paid, but they generally are low-interest and spread over many years. If this is the main component of your debt, then it pays to go the settlement way.
Those consumers who need to settle their debt, definitely do not want to file for bankruptcy, and have mostly unsecured debt would most likely do better using Fast Track’s Debt Settlement Program. Take action now and call us to learn how you can take back control of your finances and begin to stop the bleeding. Fast Track’s experienced financial specialists will negotiate with your creditors and encourage them to accept a one-time, discounted settlement payment. Fast Track’s ethical and dedicated service can help you achieve your goals. That is our mission.
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 in the plan for 40%-60% of what you owe.
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