How does debt settlement work?
So, you have taken a loan, but unable to pay it back? This is where debt settlement comes in. Settling a debt means that the creditor has agreed to accepting a lesser amount than what you owe as full payment. The downside to this is that you will have to be ready to pay a lump sum amount at one go. But, on the bright side, you will not be hounded by debt collectors for the money that you owe and won’t be sued by the creditor over the debt. When it comes to settling a debt, reach out to the professionals at Adriot Analytical Agencies Pvt. Ltd. We are not only one of the best detective agencies in Kolkata, but also well-known for our negotiation and settlement skills.
Here’s a lowdown of how debt settlement actually work. Take a look.
Debt settlement comes into play when you have skipped or have many late payments: When you have several late or skipped payments, you can consider settling your debt once and for all. By this time, your credit score must have been completely shredded and you might not be able to sustain paying the debt with your income. However, you have to remember that debt settlement is not an option if the creditor knows that you have some means of paying back the debt in full.
We negotiate on your behalf to reduce what you owe: As your debt negotiator, we will negotiate with the creditors on your behalf. We will make every effort to ensure that your creditors decrease the amount that you owe. Mostly, this is done on unsecured loans like, personal loans and credit cards. Debt settlement is not an option for loans, such as car or house loans where creditors have mortgage that they can repossess or foreclose on.
Open a savings account and start saving: When you are sure that your income will not allow you to pay the loan in full, you need to stop making the payments and instead, open a savings account and put the monthly payments there. Once you have a lump sum amount, we will negotiate with the creditor to accept a lower amount.
Contact Adriot Analytical Agencies Pvt. Ltd. for more information on how we can help you.