Credit Card Debt Relief Help - How To Settle Bad Credit Debt For Less Than You Owe

Feb. 15, 2011 - PRLog -- Looking for credit card debt relief help? Wondering how to settle bad credit card debt for less than you owe? Go for settlement negotiation relief. This method will help you to get rid of your plastic money bills by waiving off at least half of what you owe and will ensure that your FICO score is taken back to the original level. How is that possible? Let us find out...

  1. Pool all your bills in one place. Remember, they need to be your plastic money bills and ensure that the total amount that you owe to the creditors is more than or equal to $10,000. Using the method of balance transfer can help you to pool your bills in one card.
  2. Seek help from a professional settlement firm and create a repayment plan with the aid of the professional negotiator from the firm. Write a letter of settlement offer. These things will basically be done by the negotiator with your help.
  3. Go delinquent. This is an advice to you from the settlement firm and this is what will alert the creditor. The creditor will wait for 90-120 days before it sells the debt to a collection agency at a cheap rate of a maximum of 30 cents on the dollar. The negotiator pops in here and offers a maximum of 50 cents a dollar to the creditor and makes the offer more lucrative by stating that the payment will be in bulk. To force the creditor to agree, a bankruptcy threat will be used by the negotiator.
  4. Upon calculating and comparing the deal with the recovery agency and the offer made by the negotiator, the creditor finds that the deal from the negotiator is far better in terms of returns on investment and will accept the deal from the negotiator. This is where the creditor wipes out at least half of the bad credit card debt and you get the leverage to get rid of the same by paying less than what you actually owe.

Debt settlement can make financial sense for consumers and small businesses that are experiencing a financial hardship and have at least $10k in unsecured debt. It is not the only option however. Check out the following link to speak with a debt relief specialist that can go over all your options for free.
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