Debt settlement: Will it work for me?

Written By Melissa Cook
Jul 22, 2022
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Last year, consumer debt in the United States was at an all-time high of $15.6 trillion, a trend that has continued into 2022. This comes at a time of increased inflation and expectations of further interest rate hikes.

If you are struggling with managing your debt, you are not alone. Millions of Americans are looking for debt solutions, and debt settlement is one such popular solution. This article will help you determine if debt settlement is right for you.

How Debt Settlement Works 

Debt settlement, sometimes called “debt relief” or “debt adjusting”, is a strategy used to settle your delinquent debt for substantially less than you owe. Now, why would a creditor accept less than what they are owed? 

The creditor benefits from the arrangement by recapturing some of the money they are owed rather than no money at all (in the event you declare bankruptcy). 

Debt settlement is typically only possible when you have several, consecutive skipped payments. To put it simply, a creditor is not going to accept less than you owe if they believe you can actually pay the full amount. Finding the right debt settlement company is key as they will be responsible for dealing with your creditor(s). Debt settlement companies are experienced in negotiating settlements with creditors. 

Once you begin working with a debt settlement company, you will stop making payments on your debts and instead contribute to a monthly savings account until the settlement company determines that your account has enough to make a settlement offer. 

Debt settlement is a great way to start taking back control of your finances quickly, but is it right for you? 

Benefits of Debt Settlement: Is It Right for You? 

Debt settlement works best for debtors who are up against a wall and simply have no way to pay their debts in full, but still have enough income or funds to contribute to a monthly savings account. Here are some benefits to consider:

  • Settle for Less — You pay a straightforward amount for less than you owe. 
  • Avoid Bankruptcy — Bankruptcy could destroy your credit for a decade. Using debt settlement allows you to avoid this process. 
  • Silence Collectors — Your debt settlement company will handle all correspondence with your creditors. That means no more collectors harassing you.
  • Stop Paying Now — When you decide on debt settlement, you can stop paying your creditors right away, start contributing to your savings account, and work your way out of debt. 

Views on debt settlement are mixed, but bad reviews typically come from those who have had a bad experience with a shady company. Therefore, the best way to mitigate any issues is to choose a trusted and accredited debt settlement company that has a record of helping others successfully navigate their way back to financial health. 

How Do You Find a Good Debt Settlement Company? 

Trust and experience are what make a good debt settlement company. Americor has relieved $2 billion dollars in debt in over 30 states. They are fully accredited by the Better Business Bureau (BBB), the American Fair Credit Council (AFCC), and the International Association of Professional Debt Arbitrators (IAPDA). With over 700 employees, Americor can tailor the optimal solution to your situation and help you navigate these uncertain financial times. 

Determine if you qualify for debt settlement with a free debt analysis by talking to a certified debt consultant today.

Click here to apply: https://apply.americor.com/new

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About Americor

Americor provides debt solutions to thousands individuals and families all over the country. We’re a next-generation debt relief company with a proprietary platform designed to help clients get out of debt quickly. Together we’ll develop a strategy for you to enjoy a debt free lifestyle. Learn more about how Americor can help relieve the burdens of debt today.

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Address:
18200 Von Karman Ave, 6th Floor Irvine, CA 92612
New Clients:
[email protected]
Existing clients:
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Phone:
866-333-8686

We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

Americor Funding, LLC (18200 Von Karman Ave, 6th Floor Irvine, CA 92612) is fully accredited by the Better Business Bureau (BBB), the American Fair Credit Council (AFCC), and the International Association of Professional Debt Arbitrators (IAPDA). CA Department of Financial Protection and Innovation (DFPI) License # 603K913.

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