Debt Settlement with Republic First Funding
Have you been struggling to pay off your debt? Maybe you’ve explored a few different options but have had little success. What you need is a final solution.
Sometimes financial situations can get extremely dire. You’ve borrowed money that you’re not able to repay and aren’t sure where else you can turn. Sometimes in situations like this, you can turn to a final strategy. This strategy is called debt settlement.
Debt settlement is when your lender agrees to accept an amount less than you owe as a way to settle the debt.
What is it
On paper, debt settlement might sound like an ideal strategy! You reach a final agreement with your lender to pay them a sum less than you owe them and can finally get them to stop hounding you. This method sounds too good to be true, however, there can be repercussions to opting for this strategy. We want to make these repercussions clear before you make any decisions
- It can ding your credit score - You’d essentially be admitting that you’re unable (or refusing) to pay your lenders. This will be a sign to future lenders that you’re not a trustworthy person to lend money to.
Of course, this reputation can still be improved with time and if you don’t see yourself applying for a loan in the next 5-10 years then it shouldn’t be the end of the world.
- It takes time - As with most things, it can take up to two years to reach a settlement and actually agree to terms.
- It can still cost you money - There are fees involved with using a debt settlement company and you may need to pay additional taxes.
How it works
In a nutshell, debt settlement works like this:
You hire a company to settle your debts for you.
This company approaches your lenders and negotiates either a change in your loan agreements or agreeing to a lump sum payment that is less than your obligation.
Once an agreement is reached, you pay the debt settlement company as well as the lump sum you owe and are cleared of your debt.
- It helps you avoid bankruptcy.
- It can potentially help you settle for an amount less than you owe.
- It gives you peace of mind knowing that debt collectors will be off your back.
- It can make it difficult to get another loan for approximately 5-10 years.
- It comes with no guarantees. Your creditors can always refuse to negotiate which could
lead to more debt if you have stopped making regular payments.
- Either way, you’re going to have to pay fees (even if your debt settlement company is unsuccessful).
Is it for you?
This is going to depend on your personal situation. For some people, debt settlement can be the escape they need to get rid of their debt for good and turn over a fresh page. For others, it’s the easy way out that will leave them with lasting repercussions.
We recommend speaking with an expert on the topic before making any final decisions.
How can you get started?
If you decide that debt settlement is the way that you want to go then don’t hesitate to contact our team and we’ll be able to help you every step of the way!
Another alternative is to attempt to do the negotiations yourself. If you feel confident in your negotiation skills, this can save you money from fees.
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