What is Debt Settlement
Debt settlement is one type of debt relief that may be available to you. What it means is that you or a company acting on your behalf will negotiate with your creditors to reduce the amount of debt that you owe. When successful, debt settlement can lower the balance of your overall debt and reduce repayment amounts to help end the cycle of making minimum payments
To be eligible for debt settlement, the debt typically must be “unsecured.” This means that the debt is not tied to a physical asset, such as your house or car. Here are some of the common types of debt which can be settled:
- Credit card debt (including store credit cards)
- Personal loans
- Medical bills
- Some business debts
- Some private student loans
- Repossessed auto loans
If you are unsure whether or not your debt can be settled, please feel free to reach out to us.
There are several kinds of debt which we are not able to assist with. These are “secured” debts, or those which are tied to an asset. Some of these types of debt include:
- Mortgages and home loans
- Car loans
- Federal student loans
- Tax-related bills and fees
This list does not cover every possible type of debt. Contact us to find out if your debts are eligible to be settled.
Even if your creditor says “no” the first time, it doesn’t mean that you will never be able to settle your debt. Sometimes, as circumstances change, or as the debt remains unsettled for longer, the creditor may be willing to settle with you. Here are a few ways that you might be able to increase your chance of settling:
- Keep written records of everything. Keep copies of any letters that you send and the responses from the creditor.
- Write down phone conversations. Make sure to get the name of the person you speak with and take note of the date and time of the call.
- If at first you don’t succeed… Don’t give up. If you were unable to settle your debt on your own, hiring a professional company will improve your chances of success.
If you are in debt and it feels like there is no way out, debt settlement is an option that may be available to you. Even if you have tried to settle your debt in the past and were unsuccessful, there may still be hope.
Don’t hesitate to reach out to us today to learn more about how we can assist you with your debt.
J.G. Wentworth Debt Settlement, LLC does not pay or assume any debts or provide legal, financial or tax advice or credit repair services. You should consult with independent professionals for such advice or services. Please consult with a bankruptcy attorney for more information on bankruptcy. Debt settlement program results will vary by individual situation. As such, it may not be suitable for all consumers. J.G. Wentworth Debt Settlement, LLC does not offer debt settlement services in all states and fees may vary from state to state. Not all debts are eligible for enrollment. Not all individuals who enroll complete our program for various reasons, including their ability to save sufficient funds. Savings resulting from successful negotiations may result in tax consequences, please consult with a tax professional regarding these consequences. The use of debt settlement services can potentially have an adverse impact on your credit rating, may result in you being subject to collections, and may result in other adverse action by creditors or collectors. Read and understand the program contract prior to enrollment.
General Contact Info:
1200 Morris Drive
Chesterbrook, PA 19087
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