Debt Settlement (Negotiation) Programs
Debt Reductions Services associates can help you gain more control over your current debt situation including the total elimination of your debt. DRS can help you secure a positive, responsible and custom tailored solution by connecting you to our network of service providers.
How long will it take to pay-off your debt?
Example: You have $18,000 in unsecured debt and have an 18% interest rate:
1) Keep making minimum payments:
It will take you approximately 303 months (25 years) and approximately $82,711 before you are out of debt.
2) Elect debt settlement:
On average, you will end up paying approximately $12,000 to settle the debt.
Advantages of Debt Settlement:
- You can expect to pay approximately 60% of what you owe.
- You can be debt free in approximately 12-36 months.
- A Trust Account is established that will help you in negotiating your debts.
- A settlement representative will support you to deal with creditors during the negotiation process.
- You have the ability to Accept or Decline settlement offers that are received.
How to Qualify:
- Provide your debt settlement firm representative with a list of creditors.
- With the assistance of your representative, develop a reasonable monthly debt payment plan that fits your budget.
- Provide your representative with budget information and hardship reason(s).
- Finalize agreement with your debt settlement service provider.
- Make monthly program payments into your Trust Account.
- You will be contacted by your Settlement Representative as Settlement Offers are received.
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