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Debt Settlement

You may not be aware of it but companies who loan you money will stop at nothing to collect their money. Fortunately, older debts may be eligible for debt settlement offers. This is when a collector who has purchased your debt from the original lender will offer you a payoff amount that is less than what you may owe if you pay before a certain date.

Why should I Accept These Offers?

A debt settlement offer can improve your credit. In fact, oftentimes, a company will make an offer and agree to show you have paid as agreed (or settled) on your credit report. This also means that you won't have to worry about constant telephone calls and threatening letters in the mail all the time.

How Do I come up with the Money?

You can apply for a short-term loan to help you pay off a debt settlement offer. Regardless of your existing credit rating, you can find a lender willing to loan you the money. The good news is, the debts you agree to settle will show as paid on your credit report. In addition, the loan repayments will also show on your credit report and boost your credit rating.

Can I Make an Offer?

In many cases, agencies that purchase debt from lenders will allow you to make an offer. If you elect to do this, make sure you make a debt settlement offer in writing and ask that the acceptance or rejection be made in writing. Once you have an acceptance, you can then start the process of seeking out a lender willing to loan you the money.

What if I Reject the Offer?

Debt collectors will continue to hound you until they feel they have an agreement from you to repay a debt you owe. If you do not accept a debt settlement offer, they may even go to court and obtain a judgment. These judgments will remain on your credit report for as many as 20 years, even if you do pay. Worse yet, in some cases, there may be alternatives such as placing a lien on your home or garnishing your wages to get you to repay the money.

When you get a debt settlement offer and you do not have the money to pay the amount requested, you can offer a lesser amount in return for forgiving the debt or you can try to borrow the money to accept the offer. To protect your other assets and your bank account, obtaining a loan may be your best option. Not only will you pay off old debts and get the collector off your back, you'll be taking the first steps to rebuilding your credit.

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