What do you need to know about Debt Settlement?

 Debt Settlement

 

Being in debt is a common thing for most Americans. If you’re currently behind your debt payments, debt settlement might be best for you. While debt settlement may take a hit on your credit score, hiring a skilled lawyer can help you find alternative options and make negotiations. At Godfrey Law, we help families get through every debt settlement scenario that you can think of.

Debt Settlement Pros and Cons

Pros of Debt Settlement

Debt Settlement can help you clear up your debt more promptly than paying it off. It allows you to pay something towards your debt which can help you in managing your budget. Even with the best debt payoff plan, it can take up years to pay off a large debt, which can push back your financial goals.  Debt Settlement can help you make negotiations to take care of your debt rather than ignoring them and hoping they go away on their own.

Cons of Debt Settlement

Debt Settlement will impact your credit score profile since it will reflect as debts not paid in full. It may take time to pay off all of your debts, unlike filing bankruptcy, where paying your debts will be quicker and easier. You’ll also need to pay taxes on the debt forgiven on your debt settlement. That is why it is essential to seek a lawyer earlier to discuss how your debt settlement can affect your payment for taxes.

How does Debt Settlement work?

Godfrey Law, a debt relief expert, will contact your creditors on your behalf to make negotiations for a better debt payment plan or reduce your debt. While talks are ongoing, you should stop paying your creditors not until you’ve reached a debt settlement agreement. Once you’ve made a debt settlement agreement,  you need to agree and make a payment to your debtors for the settled amount. You have to remember that not all creditors will agree to negotiations. Still, at Godfrey Law, we know how to deal with every scenario that may arise in the process.

How to find the best Debt Settlement Company for you?

Do your Research

The Federal Trade Commission is an agency that protects you, consumers, from unfair trading and unfair business practices. You can search through the FTC, and you’ll find valuable information about debt settlement. 

Choose a reputable Debt Settlement company or provider.

The Better Business Bureau has customer reviews about debt settlement providers that you can choose. At Ogden, Utah, Godfrey Law helps families start fresh and help slash off debts to spend their money on more necessary family expenses. We help you reach a reasonable debt settlement agreement so you can avoid filing for bankruptcy.

Call Godfrey Law today for a FREE consultation about Debt Settlement.

Many debt settlement companies charge exorbitant upfront fees and promise you with such exaggeration. At Godfrey Law, we have justifiable and reasonable rates. We aim to help you make better negotiations with your debt settlement so you can still fund more necessary family expenses. We have been in the business since 1984, and we are well-versed in debt settlement negotiations. Call us at 801-621-7445, or you can visit our website and book an online appointment today!

 

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