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Debt Settlement

What is Debt Settlement?

Debt Settlement, also referred to as debt resolution, involves negotiation with your creditors to reduce the amount owed. It is an aggressive, yet highly effective approach to resolving debt issues and a viable bankruptcy alternative. While it’s true that this debt relief method can lower the outstanding balance on your debt, it’s an involved process that you need to understand before jumping into it. Credit card debt settlement is one of the best and quickest options to get rid of debt quickly for those wanting to avoid bankruptcy.

How Does Debt Settlement Work?

Debt settlement is a debt relief strategy that is most effective with a bit of planning and experience. When exploring debt settlement as an option to resolve your debt, you may want to work with a company that specializes in negotiating with your creditors on your behalf. By working with an experienced company, you could avoid some of the more severe risks associated with this debt settlement and also streamline the process as debt settlement companies work with hundreds, if not thousands of consumers and have developed relationships with many creditors and collection agencies to achieve the best possible outcome for their clients.
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Step 1

The first step is to call or fill out this form for a free consultation. We will speak with you about your specific situation and to understand your goals. We will evaluate the types of accounts you have and then present custom debt settlement options that fit your needs. This includes a free savings estimate and determining a comfortable savings amount that you can commit to setting aside each month to go toward resolving your debt. This monthly savings amount will accumulate in a dedicated savings account that you set up and control.

Step 2

Once we establish an affordable monthly program payment that works with your budget, you enroll in ODS’s program. We begin working on your behalf immediately. As your funds accrue in your dedicated savings account, we are negotiating with your creditors to settle your enrolled debts. We will remain in contact with you throughout the entire process and let you know when we are about to reach an agreement with each creditor. You will then have the opportunity to approve the settlement.

Step 3

Once a settlement is negotiated and a payment is made toward that settlement, you pay the fee associated with that account. So we only earn our fees after we get you results!

Step 4

After the account is settled in full, we request that your creditor updates your credit report to reflect that you have settled the account in full and report a zero balance. At this point we will continue working on the remaining enrolled accounts until they are all resolved.

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Pros and Cons of a Debt Settlement

Advantages of Debt Settlement


Disadvantages of Debt Settlement


What types of debt are eligible for debt settlement?



How does Debt Settlement Compare to Other Debt Relief Options? There are various options when it comes to tackling your debt, such as:

Is Debt Settlement Right For You?

If you are struggling to keep up with your minimum payments or have already fallen behind on your payments. Debt settlement is worth considering as an option to resolve your debt. It’s not for everyone, so make sure you speak with a debt specialist to help determine which option is best for you. If you feel debt settlement is the right program for you, speak with one of our certified debt specialists today.

Need Help navigating the the various debt relief options?

Speak with a Certified Debt Analyst for a free consultation.

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