Once you’ve made the decision to take part in a debt settlement program, there are a few things you can do to optimize and improve the experience. If you are making monthly payments, make sure you stay on top of them. If you miss a payment the entire process is delayed, increasing the chances that creditors will sue you for lack of payment. Also, if you can, try to pay more than you are required. This will speed up the process of debt settlement because the firm will have more money to negotiate with, and will be able to negotiate with your creditors sooner.

Communicate with your debt settlement firm or company on a regular basis so that you know what’s going on with your case, and to catch any possible problems before they enlarge. If you make communication a habit, it will be much easier to maintain in the face of a problem. Most importantly, make a serious commitment to financial change and discipline. Without this key component, a debt settlement may be a temporary solution rather than a long term one.

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When seeking a solution to debt relief, you have many different options. Consumer Credit Counseling Services, debt consolidation loans, bankruptcy, and debt settlement are the most common. Of course each one has its own unique pros and cons, and each one will benefit some individuals more than others; there is no single debt solution.

Some of the disadvantages of debt settlement are:

• Unlike in declaring Bankruptcy, you have to legal protection, meaning you can be sued by a creditor for failing to make payments. If this happens while you are in a debt settlement program and you do not have enough funds in your trust account to immediately settle the debt, you may have to file for bankruptcy.

• Also, debt settlement has an unavoidable negative impact on your credit score. This is due to the fact that while in a debt settlement program, you stop paying your creditors.

Some of the advantages of debt settlement:

• Unlike in Consumer Credit Counseling or a debt consolidation loan, both of which require you to pay back your debts in full, including interest, in a debt settlement, you only pay a percentage, usually around 50% to 70% of your debt, including fees.

• Debt settlement, while negatively affecting your credit during the process, leaves no permanent scar on your credit history like filing for bankruptcy does.

• Also unlike in bankruptcy, in which your credit history is paraded about in a courtroom, debt settlement is private.

• Finally, debt settlement is a more rapid way to achieve debt relief than your other options. It can take as few as 4 months, but definitely less than 2 years. Credit counseling, and bankruptcy take 3-5 years on average to get you out of debt.

Not everyone will benefit from or even qualify for a debt settlement program, but checking with a debt settlement firm is the first step to finding answers.

If you live in Denver or Boulder, CO, or anywhere in the state of Colorado, I am a credit card debt settlement attorney here who can help you locally. Dealing with a local debt settlement program, you can come on in to our office for an update any time. As a Colorado attorney who has helped consumers get out of credit card debt for years, I know the ins and outs of this business as well as anyone. Another advantage of hiring a Colorado debt negotiation lawyer, is that debt negotiation can vary from state to state. To settle or negotiate debt quickly, it is best to deal with a program that has existing relationships with your creditors. For example, if one of your accounts has been referred to an attorney in Colorado for collection, I probably know them, and can resolve the matter out of court with a call or two. When negotiating debt for you, I know what each creditor is likely to accept before I start. Also, I will give you my Colorado Bar Association number so you can check my spotless record for 18 years. Your debt settlement program should be accessible– I give you my cell phone number so you will never get caught up in voice mail.  Negotiating debt is never easy, but when you hire an expert debt negotiation lawyer you can expect results!

If you do not live in Colorado, we can still help you, and give you references of past credit card debt settlement clients from many states around the USA.

Steve Craig

Debt Negotiation Lawyer, Denver, CO