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How to Settle Debt Using a Professional Debt Settlement Company?

If you are deep in debt and need an alternative to bankruptcy, you may decide to settle your debt to benefit from the lower payments and the debt reduction process the service provides. What steps are involved?

  1. Learn everything you can about debt settlement
  2. Find professional debt settlement companies and research them.
  3. Get free consultations. They all offer this so you can get your questions answered and discover which company you feel the most comfortable with.
  4. Each company will offer you a customized payment plan to get you debt free typically in 18-36 months
  5. Pick one you feel best about to settle your debt
  6. Get started! Paperwork, etc…
  7. The company you’ve selected will set up a trust account in your name with a reliable 3rd party company. It’s similar to having another a bank account
  8. You will make monthly payments into that trust account
  9. Once you have paid enough money into that account, the settlement company will start the negotiations with your creditors
  10. One by one, your creditors should agree to accept a negotiated percentage of your outstanding balance and forgive the remaining money you owe
  11. Your debt settlement company will pull the money from your trust account (with your approval) as each negotiation is finalized until you are debt free and the last creditor has been paid!

That is how you settle debt! It is a perfectly legal process that hundereds of thosands of people (possibly millions?) go through every year.