The debt settlement process will have an adverse effect on your credit, and once your debt has been settled, the credit bureaus will receive a letter stating that your debts have been paid off. At that point, you will need to rebuild your credit profile without the extra debt and stress that was holding you back before. Debt settlements usually take around 3 years to complete, and in many instances it could be even sooner than that.

Debt settlements are one of the least expensive processes to get you out of debt while still avoiding the permanent negative effects of a bankruptcy. With debt settlements, your debt remains your personal business and does not become public knowledge like in the case of a bankruptcy.

One of the most important benefits of debt settlements is that the payments can be flexible. Most options to get out of debt, such as consolidation loans, debt management programs, and even bankruptcy, require consistent monthly payments, and if one is missed, it can lead to you being kicked out of the program. With a debt settlement, though it’s not recommended, if it is necessary for you to skip a monthly payment, all that will happen is that you will likely add a month of payments to the end of the process. Settlement companies have no affiliation with any creditors, banks, or other lending institutions, which means that settlement companies are not in business to charge their clients interest or to keep you paying another company interest. Debt settlement agencies truly work for their clients benefit, not for the creditors which is why creditors sometimes do not want to approve the offers and why settlements are frowned upon by creditors.

There are many companies out there that can settle your debts, but if you use a law firm, such as S.J. Packman & Associates to assist you in settling your debts, you will be given certain rights under the Federal Debt Collection Practices Act that you only have when working with an attorney.

At S.J. Packman & Associates, before we make any recommendations, our attorneys, certified debt specialists, and paralegals, are trained to ask the right questions to find out about your specific situation. Based on your current income and your financial hardship, we will determine which course of action will work best for you. We do not only offer one path, as there is no one process that can solve everyone’s needs. We will take our time with you and help evaluate what your best course of action should be. Call now and one of our advisors will be there to get you started on your path to financial freedom. There is no obligation to enroll, so don’t delay.

*Individual results may vary based on consumer’s ability to save sufficient funds, and complete all program terms. Our law firm does not assume or pay any debts, nor provide credit or tax advice. Program is not available in all states, and does not obtain immediate repayment arrangements until consumer saves sufficient funds and creditor(s) make offers. As such, consumer may by subject to credit collection actions if in default of payment terms. Please read and understand all program terms prior to enrollment.