Debt Settlement Options
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What is Debt Settlement?
Debt Settlement is a form of debt consolidation option that consumers seek in order to free themselves from the burden of having too much debt. The stress related to the burden of debt can lead to depression and negatively impact your health. According to health psychologist Kelly McGonigal, the burden of debt is one of the few stressors that we feel helpless against.
“What’s dangerous about debt is how pervasive and chronic it is. Most things in life that stress us out—a car accident, a divorce, a death in the family—happen, and then they’re over. Our bodies are designed to respond to these ‘emergencies’ and bounce back, whereas owing money can become completely inescapable.”
- Psychologist Kelly McGonigal
Who needs Debt Settlement?
If you are looking for Debt Settlement, then you have probably come to the realization that you are overwhelmed by the burden of your debt. The stress related to the burden of debt can lead to depression and negatively impact your life. The burden of debt can make you feel helpless and feel as though you can do nothing about it. You may need Debt Settlement if:
- You are living paycheck to paycheck and only making the minimum payments to your debts without seeing the balance go down.
- You have fallen behind on paying your debts and can’t catch up on making the required minimum payments to your creditors.
- You stopped paying your creditors due to a financial hardship, and the creditor has hired a collection attorney and you don’t know what to do.
What strategies are used for Debt Settlement?
Debt Settlement options that are typically available to consumers are:
Debt Consolidation Program - This option helps consumers combine multiple debts with the goal of negotiating reduced payoffs with the creditors. Consumers deposit funds in an escrow savings account for the purpose of paying off their debts. The Debt consolidation company uses the funds to negotiate a reduced payoff with the creditors. Learn More about Debt Consolidation Programs.
Debt Management Program - Sometimes referred to as Credit Counseling, Debt Management Programs help manage your debts by reducing your interest rates on your debts and/or extend the time required to pay off your debts. Credit Counselors will help you come up with a Debt Management Plan. The Debt Management Plan typically requires you to make a monthly payment, those monthly payments are then paid to your creditors in the Debt Management Program minus a monthly service fee that is charged by the Debt Management company.
Bankruptcy - Although Bankruptcy can be a Debt Settlement option, it is usually a last resort option. The reason: It is a legal public record which can show up in Background checks and other form of public records searches and it could be on your credit profile for up to 10 years. Since Bankruptcy is a Legal Process, consumers will typically hire an attorney and will have to appear in court to have a Bankruptcy judge determine how the creditors are paid. If you are considering filing for Bankruptcy as a form of Debt Settlement, you will need to consult with a Bankruptcy attorney.
See What Our Customers Say
"… Prior to working with Countrywide, our debt situation was completely out of control. The pressure exerted by creditors on our family and the associated financial and emotional stress created a really difficult situation…It is difficult in writing how the professionalism and outstanding services at Countrywide has enabled us to reduce stress, regain financial security while achieving a debt free life…I wanted to take this opportunity to sincerely thank you and your team for the work that you do to help families such as ours become debt free and live happier and more fulfilling lives."
Barry G.West Hills, CA
Case Study #17299 - Client from Worcester MA saved $29,438 by enrolling in CountryWide's Debt Settlement Program.
Client #17299 hired CWDR after going thru a Divorce. Client got into debt while adjusting to the new life and expenses after the Divorce. Client relied on Credit Cards to get back on their feet but then got stuck in the minimum payment trap. Living paycheck to paycheck and making just the minimum payments on the debts made the clent realize that paying the debts off would be impossible.
CWDR was able to help Client #17299 thru our Debt Settlement Program. Client had $11,596 in debt. Thru the Debt Settlement program, CWDR was able to get the client out of debt in 40 months. Total paid back by the client was $8,223. If the client were to continue with just making the minimum payments on their debts, the client would have paid back $37,661. The client saved $29,438 by hiring CWDR.
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