debt settlement

Debt settlement, or debt negotiations as it is often called, is a debt management strategy where a creditor agrees to allow a borrower repay a past debt at a reduced balance.

As an example: A borrower has an outstanding credit card debt of $15,000 and has shown signs that they are struggling to, or not able to, pay it off in a timely manner.

The lender agrees to take a one-time payment of $6,000 to settle the debt. This can and often does result in a hit to personal credit ratings.

Debt settlement is often looked at as a better alternative to claiming bankruptcy.

You'll find bloggers talking about debt settlement at sites like Financial Newsline and Finance Blog.

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Original Technorati articles tagged “debt settlement”

• in Finance
  Five Steps to Escape the Bad Debt Basement
  Forget the TV ads and quick fixes, the best ways to rid yourself of credit card debt are often simple and lifestyle-oriented.
  by cardhub / on Oct 22, 2010
• in Finance
  New Rules for Debt Settlement Companies
  Know your rights with debt settlement companies
  by holliskc / on Sep 27, 2010
• in Finance
  GAO Covert Operation Nabs For-Profit Debt Settlement Companies
  Debt settlement companies can make your financial situation worse
  by holliskc / on May 3, 2010

Latest blogosphere posts tagged “debt settlement”

 

• FTC Catches Bogus Tech Support Scam and Then Finds a Debt Relief Company

  
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  The Federal Trade Commission announced a settlement over a bogus tech support service and accidentally found a debt relief company that was violating the Telemarketing Sales Rules in the process. Mikael Marczak, doing business as Virtual PC Solutions, and Sanjay Agarwalla were among the subjects of a series of six ...
  1 day ago

• Asset Rich But Cash Poor. Want to Settle My Debt and Pay for Delete

  
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  “Dear Steve, I have a different problem than a lot of your readers. I have lots of assets, but my income is very limited. I have property worth about a million dollars, but because it is more than 5 acres with a manufactured home no one will loan against it. In about 2 years will [...]Read the full article at Asset ...
  2 days ago

• Can I Get Sued For Credit Card Debt

  
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  Canyon Briefs The ACHS Alliance is selling tiles to add to the Wolf Pack Legacy Wall that was commissioned last year; the wall was unveiled when this school year started. … Read News How I Fought Back Capital One Lawsuit And Won – YouTube 6:01 When Can a Credit Card Company Sue You? by ...
  1 week ago

• Bankruptcy And Credit Card Debt

  
  — Authority:
  Personal Finance – Wikipedia, The Free Encyclopedia Debt consolidation; Bankruptcy ; Employment contract; Salary; Wage; Salary packaging; Employee stock option; Employee benefit; Retirement; Pension; house, clothes, stocks, bank account), along with personal liabilities (e.g., credit card debt , bank ...
  1 week ago

• Clear One Advantage and ACCC Both Say They Can Help Us With Our Debt. – Ty

  
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  “Dear Steve, My wife and I have a combined debt of 75,000.00. A large part of this is due to using credit cards when I was out of work for a year and a half. This was 4 yrs ago. We are current on all of our debt but find that we are just getting [...]Read the full article at Clear One Advantage and ACCC Both Say ...
  1 week ago

• Choose to be Financially Free

  
  — Authority:
  Living the free spirit lifestyle includes maintaining financial flexibility. Being financially flexible provides the ability to adjust quickly to unexpected situations, maintain control over your life, and not feel trapped due to your finances. Unexpected events that will impact your financial state will occur, so you ...
  1 week ago

• Debt Settlement Company Charged With Fraud

  
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  The Consumer Financial Protection Bureau is ready to play hardball with the largely unregulated industry, and for the first time has referred a case for criminal prosecution.
  1 week ago

• National Debt Relief Discount Coupons

  
  — Authority:
  If you want coupons for nationaldebtrelief.com, then GetDiscountCoupon.com is the place for you. Just click on the code to copy nationaldebtrelief.com discount code. Then paste it in the coupon box during checkout and click apply. This amount will be automatically deducted from total price. We’re always updating new ...
  1 week ago

• I Feel Cheated by Debt Validation of America and The Firm. Help! – Bonnie

  
  — Authority:
  “Dear Steve, Several years ago I contracted with Debt Validation to negotiate and pay off my debts. Over two years, I gave them $400 per month, totally about $9,000. I have not been able to get info from them for awhile, and now I just found out they went bankrupt, are being picked up by [...]Read the full article ...
  1 week ago

• AFCC Takes Some Action and Suspends Mission Settlement Agency

  
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  Yesterday I wrote an article that was critical of the AFCC for their lack of action against Mission Settlement Agency and Rescue One. I have to give them a pat on the back for doing something this time. The AFCC has taken a little bit of action and suspended Mission Settlement Agency as a member. [...]Read the full ...
  2 weeks ago

• How Debt Settlement Employees Can Avoid Long Jail Time

  
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  Yesterday a U.S. Attorney announced criminal charges against debt settlement company owners and employees for fraudulently selling debt relief services to consumers in financial trouble. The Indictment laid out a pattern of activity that many inside debt settlement companies will recognize, if they swivel their chair ...
  2 weeks ago

• CFPB Makes First Criminal Referral Against Debt Settlement Company

  
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  Considering the broad scope of the CFPB, it is telling, indeed, that its first criminal referral is against a debt settlement company. The post CFPB Makes First Criminal Referral Against Debt Settlement Company appeared first on Creditinfocenter Blog .
  2 weeks ago

• 10000 Credit Card Debt

  
  — Authority:
  Free Credit Score Promotion For Wells Fargo Customers At the end of the sweepstakes period, one person will win a $ 10,000 grand prize. Articles to Help You Reach Your Credit and Debt Goals: How to Improve Your Credit Score; Wells Fargo Secured Credit Card Review … Read Article Account ...
  2 weeks ago

• NY officials vow attack on predatory debt-fixing

  
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  Federal authorities announced a crackdown Tuesday on predatory businesses that cheat "desperate and vulnerable" people harmed by the 2008 financial crisis with phony promises to consolidate their debt. U.S. Attorney Preet Bharara told a news conference that charges were brought against the owner and ...
  2 weeks ago

• Debt Settlement Company and Employees Criminally Charged in Fraud.

  
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  Today the Manhattan U.S. Attorney filed a criminal indictment against Mission Settlement Agency, Mission Abstract, LLC, Alpha Debt Settlement, Michael Levitis, Denis Kurlyand, Boris Schulman, Manuel Cruz, and James Leon. The criminal indictment filed should be of interest to many that were or still are in the advance ...
  2 weeks ago

• Debt Settlement Attorneys Named in CFPB Action. Some Criminally Charged.

  
  — Authority:
  Today the Consumer Financial Protection Bureau and the Manhattan U.S. Attorney both announced legal action against a number of individuals. This action seems to cast a bright light into the dark closet of debt settlement activities that have harmed consumers for a number of years. What makes this case new and unique ...
  2 weeks ago

• Prosecutors Move To Seize Bank Accounts, Properties Of Rasputin Owner Michael Levitis

  
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  Prosecutors have filed papers to restrain approximately 40 bank accounts operated by Michael Levitis or those connected to him, and have moved to seize two Manhattan Beach properties in order to preserve funds for victims of his alleged fraud, according to statements by U.S. Attorney Preet Bharara. According to the ...
  2 weeks ago

• Rasputin Owner And Russian Dolls Star Michael Levitis Busted In Fraud Scheme

  
  — Authority:
  Rasputin Restaurant owner and Russian Dolls co-star Michael Levitis, and three others, were charged with fraud this morning, as prosecutors claim they operated a debt settlement company that swindled more than 1,200 people out of a total of millions of dollars Levitis, who owns Mission Settlement Agency at 2713 Coney ...
  2 weeks ago

• NationalDebtRelief Coupon Codes

  
  — Authority:
  If you want coupons for nationaldebtrelief.com, then GetDiscountCoupon.com is the place for you. Just click on the code to copy nationaldebtrelief.com discount code. Then paste it in the coupon box during checkout and click apply. This amount will be automatically deducted from total price. We’re always updating new ...
  2 weeks ago

• Bag The Benefits: Debt Settlements

  
  — Authority:
  Debt settlement is widely performed as a healthy banking activity. However, outside the banking industry, it is seldom recommended as a feasible solution to deal with bad debts. The reason behind this is the rising number of scams associated debt settlement along with mis-educating the customers about the role ...
  2 weeks ago

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