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Follow on Google News | Debt Settlement Programs - How to Qualify For the Best Debt Settlement ProgramsWhen many people consider the use of debt settlement programs, they fear that they won't qualify. Qualifying for debt settlement programs, however, isn't difficult at all. In fact, in most cases, it all depends on how much unsecured debt you have.
By: FreeDebtSettlementAdvice.com First, let's understand unsecured debt. Secured debt is has a tangible item attached to it, such as a house, a car, a boat, a motorcycle, or anything else that is used for collateral. Unsecured debt has no tangible item attached to it for collateral. The truest example of unsecured debt is credit card debt. This is the first thing that debt settlement companies consider when qualifying you for debt settlement programs. The second thing that a debt settlement company will look at is how much unsecured debt you currently have. In most cases, you will qualify if you owe over $10,000 dollars in debt. They will not consider secured debt because secured debt cannot be settled. This is because the creditor of debt always has the option of repossessing the item used as collateral and auctioning it off to collect that debt. This, of course, isn't the case with unsecured debts. The only other thing that settlement programs will consider when qualifying you is whether you have savings that can be used to settle your debts. When they settle debts, they make an agreement with the creditor for you to pay off the debt with a lump sum payment. If you do not currently have savings, this does not disqualify you. Instead, it just delays things a bit. A trust account is set up, and you stop paying your unsecured debts that you plan to settle, and instead fund the trust account. When the trust account reaches a satisfactory balance, the settlement company goes to work to settle your debts. Debt settlement programs work - and that is especially true at this time, when the economy is so shaky. If you have more than $10,000 of unsecured debt, you can be certain that you will qualify, and your debts can be settled easier and faster than you think. If you want to get out of debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do Not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt. # # # FreeDebtSettlementAdvice.com works to connect consumers that suffer from credit card debt with the correct debt consultant in the industry reducing debt up to 60%. To find a debt consultant for free check out: http://www.freedebtsettlementadvice.com End
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