Debt Settlement

Find out if settling your unsecured debts, including credit card balances, for a fraction of what you owe is the right choice for you. At Harmoney Consulting, we’ll evaluate your situation and explore every possible path to financial freedom.

Speak with a trusted debt consultant today. 888-427-1415

What Is Debt Settlement?

What should I expect to receive?

What’s in it for me?

Debt relief comes in many forms, and debt settlement is one option to consider. This process involves negotiating with creditors to reduce what you owe, allowing you to pay a portion while the rest is forgiven. It’s often pursued by those facing financial hardship, struggling with payments, or overwhelmed by debt.

Before choosing debt settlement, it’s crucial to weigh the benefits and risks. Not all creditors may agree, and it can impact your credit score. However, working with a debt settlement service or attorney can help manage negotiations, potentially lowering payments and shortening repayment time.

A debt settlement letter offers to pay a lump sum for less than the full balance owed. However, creditors aren’t required to accept, and it may impact your credit score. Consulting a debt settlement attorney can help negotiate better terms, potentially reducing payments, lowering interest rates, or even securing full debt forgiveness.

During negotiations, an attorney communicates with creditors, explores legal options, and helps create a plan for managing and repaying debt more effectively.

Debt settlement can mean significantly lower payments, faster repayment, potential debt forgiveness, and even improved credit over time. Most importantly, it brings peace of mind!

For those overwhelmed by debt, settlement can be a smart choice, but expert guidance is key to the best outcome. Reach out today!

FAQ

Frequently asked questions

How is the service fee calculated?

With a performance-based fee, charges are a percentage of the debt successfully settled. You only pay when a settlement is reached.

All fees are included in your single, lower monthly payment.

How long does it take to secure new settlements?

The length of time it takes to settle a debt through debt settlement can vary depending on several factors, including the amount of debt, the creditor, and the negotiation process. In general, debt settlement can take several months to a few years to complete.

During the debt settlement process, the debtor typically stops making payments to the creditor and instead saves money in a separate account to be used for the settlement. This can take several months or longer, depending on how much the debtor can save each month.

Once there is enough money saved for a settlement offer, the negotiation process begins. This can involve back-and-forth communication between the debtor and creditor, with each party making counteroffers until an agreement is reached.

The length of the negotiation process can vary depending on the creditor and the complexity of the debt. Some creditors may be more willing to negotiate than others, and some debts may require more extensive negotiations than others.

Once an agreement is reached, the debtor typically has to make a lump sum payment to the creditor to settle the debt. This can take some time to arrange, but once the payment is made, the debt is considered settled.

In summary, debt settlement can take several months to a few years to complete, depending on several factors. It’s important for debtors to be patient and persistent during the negotiation process and to work with a reputable debt settlement company or attorney to help navigate the process.

When will I be notified of new settlements?

Debt settlement companies inform clients of settlements through written notices via email or mail. These agreements outline the payment terms and any conditions.

Clients should carefully review the details, ensure accuracy, and confirm they can meet the payment terms before agreeing.

When will I be notified of new settlements?

Debt settlement companies inform clients of settlements through written notices via email or mail. These agreements outline the payment terms and any conditions.

Clients should carefully review the details, ensure accuracy, and confirm they can meet the payment terms before agreeing.

Will creditor calls stop after a settlement?

Yes, once a debt is settled or paid, creditors must stop contacting you. After receiving the agreed payment, they can no longer pursue the debt or send calls or letters.

How will I get updates on my account?

Reach out to a Client Services Representative during business hours for updates on negotiations and your escrow balance.

How do I monitor my plan’s progress?

Track your progress through the online portal with our affiliates! Once logged in, you can view account details, including enrolled debts, balances, settlements, and payments. A timeline outlines each step and expected timeframes.

The portal also allows secure messaging and document uploads, making communication easy. With real-time updates and transparency, you stay informed and in control throughout the process.