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What if some of my creditors refuse my debt settlement offers, through a company that I recieve a referal from you. Will they still help me settle others even if it falls below $10k mark because of the companies denying my offers?

Hello, thanks for the question. Your creditors may be more likely to accept your debt settlement offers if you work through a professional settlement company. My understanding is that it is extremely difficult for the average person to get the large creditors (mostly credit card companies) to accept a negotiated offer without professional help from a lawyer or a debt settlement company. In most cases the creditors will simply ignore your requests.

A reputable debt settlement company will know how each of your creditors typically responds to the negotiation process because they have so many clients who they are already negotiating for. Therefore, a good settlement company will tell you right up front how successful they think they can be with each of your creditors given their track record and relationship with that creditor. It is then your decision if you want to employ them to handle your settlements.

If the debt amount you have that can be negotiated falls below $10K, some settlement companies will still take your case up until about $7,000 but anything below that, probably not. The only way to find out how much debt you have that can be negotiated is to take advantage of their free consultations. They offer those so they can see if your debt qualifies for their program and it allows them to give you a good idea of what you can expect if you use their services.