Professional and Attorney-Assisted Debt Settlement Services

Our credit services work great for those that have made it past their initial financial trouble and are ready to start rebuilding their credit. If you are currently in trouble and are still behind on bills that seem to never go away, our debt settlement program may be a logical first step.

 Our debt settlement program is for those consumers that have amassed over $8,000 in debt and are looking for a way to get out of debt quickly. Many of our clients will be able to reduce their total debt in half and work out a payment plan to pay the settled debt. Whether you have thousands in old medical bills or credit cards that have been charged off recently or many years past, or if you have current credit card debt whose minimum payments are becoming unmanageable, debt settlement may be a great solution. In this case we need to "stop the bleeding" so to speak before we can heal the wound with our credit restoration program.

Situations That Can be Resolved by Our Debt Settlement Program

Situation 1: Too many old Charge Offs:

If you have a lot of debt that is already charged off, debt settlement is probably your best option. A charge off is already a very negative event on your credit that cannot get much worse. The charge off will remain on your credit for 7 years, paid or unpaid, and if left unpaid it can be sold to collection agencies for years and re-report on your credit report as many as three to four times! So even if we are able to remove this item, it has a great chance of marking up your credit report year after year as it is sold to new collection agencies. So the best long term solution is to get it settled and paid off so it will not affect your score in the future and can have a better chance of us removing the item permanently once settled!

Situation 2: Too much Credit Card Debt

If you are drowning in credit card debt and are having trouble making payments you have a few other options, of which debt settlement may still be your best option. Listed below are your main options listed in the best order purely from a credit score standpoint. However, finding the most affordable and viable solution may be more important than maintaining your credit score. Only once your debt situation is solved can you truly get the needed increase in your credit score. After quick consultation we can help you decide which is best for you.

1. Obtain A Debt Consolidation Loan.
If you own a home, have other property, or have some assets to pledge as collateral for the loan, this could be an option. This is not an option if you do not have collateral. A solid credit score is also necessary and unless attempted early before you are behind on payments most indebted borrowers will not qualify.  This option does not reduce your debt. It just makes the payments easier. This can create a false sense of security and usually leads to more debt.

2. Consumer Credit Counseling Service
Many creditors fund these nonprofit organizations as a way to mitigate their losses. Services cost only $50 per month on average and you make only one payment to the consumer credit counseling agency. They can usually lower your interest rates and stop the harassing collection calls. Balances owed will still be paid in full. Your credit remains mostly intact. You may have a few 30 day lates during the first 3 months as the account is set up, but for the most part will show current. Each account will show "managed by credit counselor" which is not negative per se, but other card companies and lending institutions will see this as a negative. This is a good option if you can afford to pay off your debt in full.

3. Debt Negotiation/Settlement.
If working out payments on your debt is not feasible or will take over 3-4 years to pay off with an affordable plan, debt settlement can get you out of debt and get you on track to restoring your credit a lot quicker. With attorney fees already built in, most debts can be paid off for 50% of what's owed. This will save you thousands and help you get out of debt quicker and on your way to start rebuilding your credit. During repayment your debts will show charged off until full settlement is paid off. They will then show "debt settled for less than full balance."  In many cases we have great success at removing these paid charge offs once the program is completed. If not they will remain for 7 years like any late payment or collection. Unlike most other options, you can still choose to keep cards with good pay histories open so you can still maintain positive credit during the repayment period.

4. Bankruptcy
Bankruptcy should be a last resort because it can remain on your credit for up to 10 years, has larger repercussions and comes with the social stigma. It is also public record for anyone who looks up your file. If you qualify for a Chapter 7, a benefit is that you will not have to pay back anything to your creditors. If you make more than approximately $49,000 or have substantial assets, you may be forced to file a Chapter 13 in which you will pay back a portion of what's owed. With a bankruptcy on record for 10 years it will continue to affect your credit for a long while.

5. Do Nothing
This is an option, but is not advisable. You can be sued by any of your creditors and your wages can be garnished. Your credit will have unpaid charge-offs and probably many collections for each item, further multiplying the damages. Although they will fall off after 7 years, you can be sued by the creditor for the length of your state's statute of limitations. For Ohio and Kentucky this is 15 years! Other states are a little luckier.