Debt settlement, also known as debt arbitration, debt negotiation or credit settlement, is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. As long as consumers continue to make minimum monthly payments, creditors will not negotiate a reduced balance. However, when payments stop, balances continue to grow because of late fees and ongoing interest.
Consumers can arrange their own settlements by using advice found on web sites, hire a lawyer to act for them, or use debt settlement companies. In a New York Times article Cyndi Geerdes, an associate professor at the University of Illinois law school, states "Done correctly, (debt settlement) can absolutely help people". However, some settlement companies may charge a large fee up front; or take a monthly fee from customer bank accounts for their service, possibly reducing the incentive to settle with creditors quickly. One expert advises consumers to look for companies that charge only after a settlement is made, and charge about 20 percent of the amount by which the outstanding balance is reduced. If you are looking for a well-qualified debt settlement company, we recommend filling out the form below to receive a FREE No Obligation Consultation from New Hope Debt Relief.
Cut Debt Up To 60%
Be Debt Free In Months
Avoid Filing Bankruptcy
One Low Monthly Payment
Beth D. - California
I had fallen behind on payments and owed over $42,000 in credit card debt. My creditors were harassing me and I had no idea what to do do. New Hope helped settled my account for $18,780.
Matak K. - Chicago
I found New Hope Debt Relief online and decided to go with their debt settlement program. I was able to lower my payment by more than half. Thank you!!
Actual results will vary for each individual and each financial situation. Success in our program requires adherence to the program guidelines. New Hope Debt Relief, LLC makes no guarantee that we can lower your debt, and may be unable to get you debt-free in 24-48 months. New Hope Debt Relief, LLC and its employees do not offer tax, investment, or legal advice. We are not a credit repair company or consumer credit counseling program.
