Debt Negotiation
PLEASE NOTE: The information contained in these pages should not be
construed as legal advice. It is merely a brief overview of what you can
expect. You should consult our offices for a full analysis of your situation to
determine if what is right for you.
An Overview
Bankruptcy does
not have to be the answer!
Here at Absolute Debt
Solutions we pride ourselves in doing whatever it takes to help our clients
avoid bankruptcy which can remain on your credit report for ten (10) to twelve
(12) years.
WE ARE NOT CONSUMER
CREDIT COUNSELING. WE ARE NOT DEBT CONSOLIDATION. At Absolute Debt Solutions,
we utilize experienced attorneys and staff to actually settle your debts.
Consumer Credit
Counseling provides the consumer with a budget based on their income and
expenses so that the consumer may pay off their debt in three (3) to five (5)
years. In many instances these payments may be more than the consumer's current
minimum payments. Of course there is also the constant worry of being sued.
When this happens, Consumer Credit Counseling firms usually suggest that the
consumer move forward with bankruptcy.
Frequently,
consolidation of consumer debt requires a home equity loan, placing a lean on
your home and/or property. This places the consumer's home in jeopardy if a
default on the payments were to occur. This, again, creates a risk for
bankruptcy.
Why work with
unrealistic figures or jeopardize your home? With Debt Negotiation the
Attorney's can work with your creditors to actually reduce the balance on your
debt. This is all done with the help of actual attorneys that stand behind you
and fight to have your debts paid off in approximately three (3) years for less
money than your payments are today.
How does it work?
The Counselors
Initially, you will
consult with a counselor to determine whether or not you are capable of entering
into the debt negotiation program. During the consultation you will need to
provide the counselor with details regarding your income, expenses, and all
debts. Before reviewing your situation with one of our counselors, you should
be prepared with the following:
- Monthly take home
pay.
- A breakdown of your
monthly utilities and expenses;
- A list of all of
your debts (i.e. creditor name, balance and minimum payment)
This information will
allow the counselors to provide you with a preliminary analysis of your
situation so that we may help you decide whether debt negotiation is right for
you.
The Goal
The goal of the program
is to have all of your unsecured debt (e.g. credit cards, personal loans,
medical bills, etc.) settled for approximately sixty (60) cents on the dollar or
less. That is a savings of an estimated forty percent (40%). What the
counselors are looking for is whether you can accumulate enough funds over
approximately three (3) years to settle your debts for that sixty percent (60%)
or less. That amount is based on the debt the day you brought it to us. If
further interest and penalties accrue, it will not change our projected
settlement figures.
The counselors take
care in analyzing your financial situation to see if you can build up enough
funds on a monthly basis over about thirty-six (36) months so that lump-sum
settlements may be reached with your creditors. If your income can support
this, then it is time to move on to the negotiating team.
The Negotiating Team
The negotiating team is
comprised of experienced attorneys and negotiators who will go to battle with
your creditors to obtain the best possible settlement.
First, the team will
send out cease and desist letters demanding that the creditors and any
collectors contact the Law offices regarding your debt. Once these have been
issued, the negotiation team will begin discussing settlements with your
creditors. Remember, you didn't accumulate your debt over night and they won't
disappear overnight. These negotiations do take time. Be assured that they
will be doing everything possible to settle your accounts as fast as possible.
Once acceptable figures
have been reached with each creditor, the negotiating team will authorize the
settlement of each debt so long as you have accumulated enough funds to pay the
settlement. Once settled, you will receive a letter indicating the settlement
for your records.
Can I be sued?
While lawsuits are
rare, the attorneys on the negotiating team can assist those clients who reside
in their jurisdiction. Simply because you have been sued DOES NOT
mean we CAN NOT reach a settlement!
So what does it cost?
Good question!
Our goal is to get you
out of debt for approximately sixty (60) cents on the dollar or less! A monthly
payment is based on your debt.
IT COSTS YOU:
- LESS TIME!
- LESS MONEY!
- LESS
HEADACHES AND AGGRAVATION!
Sound good? Being DEBT
FREE is even better!
Call our offices. We utilize experienced attorneys and staff that can answer
your questions and help you determine if debt negotiation is right for you.
