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Debt Negotiation Plan

I am in debt negotiation plan for the past 3 months. They have not really made any progress. Do I need to get out?

I am in a debt negotiation plan for the past 3 to 4 months. They have not really made any progress in this matter. Do I need to get out of this plan?

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Highlights

  • Debt negotiation plans can help people resolve serious debts.
  • A debt negotiation plan typically takes three to four years.
  • Find a good debt negotiation firm, as results vary greatly between good and bad firms.

A debt negotiation program takes an average of 24-48 months to complete.

Debt settlement involves efforts you and the firm you hire make. You use personal financial discipline and budgeting to build up money to use for the settlements and the debt settlement firm negotiates with your creditors.

The length of time a debt negotiation plan takes is directly dependent on the amount of savings that you can afford to set aside on a monthly basis. The more you can save, the sooner you will finish the program.

Most credit card companies will not settle with debtors until the account is around six months delinquent. This means that you must stop paying your creditors each month in order for the settlement company to obtain a settlement.

During that time, the payments that you make will accumulate in a holding account that stays under your control. Once you build up enough money to settle a debt, a settlement can be finalized.

It often takes past the 6-month mark to finalized a settlement, though it depends on the size of your individual debts and the monthly payment you are making.

It is crucial that you only work with a firm that . Your settlements will happen faster when nothing is taking out of payment you make until after a settlement is reached. Also, when a firm doesn't charge any fees until after it reaches a settlement you can be confident that they will work harder for you, as their compensation is tied to producing results.

Remember that the creditors will first try to evade any settlement offer and continue their collection efforts with you, the debtor. You cannot let them intimidate you. Since it is still the beginning of your program, I would suggest that you wait for a few more months.

I also hope that you checked the credentials for the firm that you have signed up with. Be sure to check them on the Better Business Bureau.

Stay in touch with the customer service department for your program and keep records of all communication with the creditors.

I wish you the best in the success of your debt negotiation program!

I hope that the information provided helps you Find. Learn. Save.

Best,

Bill

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5 Comments

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  • 35x35
    Aug, 2010
    Brandon
    Make sure that you regularly check with your debt settlement company to keep updated with the progress of your program. It does take some time for the process to push through, but if the company you have employed does not keep you up-to-date on the progress of the debt negotiation, then you have to reach out to them to make sure that they are indeed working on your case. If they seem to be negligent or do not accommodate any of your queries, then it might be wise to look elsewhere for professional debt help. Remember that there are numerous fraudulent debt companies out there who prey on clients who are already in a financial predicament.
    0 Votes

  • 35x35
    Apr, 2010
    mattsmalls
    This article explains of how the debt settlement companies manage the creditors with the debt negotiation process. Its true that debt negotiation programs are the best programs available with debt settlement companies to handle both creditors and debtors
    0 Votes

  • CC
    Mar, 2010
    consumer
    great plan it will hopefully work well for the industry. Looking forward for such nice post from you in future too.
    0 Votes

  • 35x35
    Feb, 2008
    bradg
    Here are the sites that you need: http://www.bills.com/cash-call-loan-default {that has the blog entry and many questions regarding cash call} or just go to their site: http://www.cashcall.com Be careful with high-interest loans, however, and make sure that you can repay the loan as many people struggle with these loans.
    0 Votes

  • DS
    Feb, 2008
    Darlene
    I was referred to your site by a Consumer Action site and they said to go to www.bills.com/cash-call-loan-default/ However, am unable to get to that site... I'm investigating a company in Fountain Valley, CA, Cashcall, Inc. and/or cashcall.com and/or Cash Call, Inc. If you have any info on how I can access this site, I would love to hear from you. Or if this is not related to your site, please let me know.
    0 Votes

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