Debt Settlement: Truth You Need To Know
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- Опубликовано: 28 июл 2024
- Debt Relief Monthly Cost and Duration calculator: bit.ly/3BjfKWg
Check Your Rate For Free: bit.ly/40Wrvy7 with top firms
I was the CEO of a debt settlement company, so I understand debt settlement quite well. Many people won't tell you everything you need to know, so the purpose of this video is to expose the truth about debt settlement.
Due to the complexity and pros and cons of debt settlement, we built a free debt settlement calculator above to help you estimate all-in costs and duration, compare alternatives to debt settlement and see insights that are helpful for your specific situation (example: bit.ly/34Dj0Q1).
Debt settlement (also known as debt negotiation and debt consolidation program) is a common alternative to Chapter 7 bankruptcy, Chapter 13 bankruptcy, and debt management (also known as credit counseling).
Firstly, it's important to understand what debt settlement is and is not and the debt settlement process. A debt settlement firm may advertise no upfront costs, but they may not advertise their fees after the first debt has been settled.
You may save significant money in debt settlement and it may help lower your monthly payment, but you may want to consider the cons of debt settlement by understanding how lawsuit likelihood, potential credit score impact, and potential tax consequences. Here are a few resources to consider in addition to this video. Please give us a call at 833-272-3631 if you have any questions whatsoever.
Debt Settlement Pros and Cons: tryascend.com/blog/debt-settl...
Debt Settlement Credit Score Impact: tryascend.com/blog/debt-settl...
Tax Consequences of Debt Settlement: tryascend.com/blog/tax-conseq...
Insolvency Worksheet (Page 6): www.irs.gov/pub/irs-pdf/p4681...
Finally, let's cover the chapters of this debt settlement video.
Chapters:
0:00 Intro
2:04 What is Debt Settlement?
3:29 Example of Debt Settlement
5:38 Debt Settlement Process
7:25 Debt Settlement Cost
8:36 Debt Settlement Pros and Cons
12:57 6 Red Flags to Look Out For
15:44 Should You Do Debt Settlement?
16:02 Conclusion
#debtsettlement #debtsettlementprosandcons #settlingcreditcarddebt
Music: www.bensound.com
Thanks for watching! As I mentioned in the video, here are the links to check out:
Debt Relief Monthly Cost and Duration Calculator: tryascend.com/qualify/calculator/route/youtubeDS
Check Your Rate For Free (Top 3 Debt Settlement Firms): tryascend.com/debt-relief/company/3-top-debt-relief-companies
If you have any questions, feel free to give us a call at 833-272-3631!
Could you please do a video comparing the pros and cons of debt consolidation and debt settlement? that would be so useful. Thank you for the excellent video content!
That sounds like an awesome idea. I’ll check with production team. Now just for consistency purposes sometimes people use debt consolidation and debt settlement to describe the same thing. It’s just a debt consolidation program, not a debt consolidation loan. In the mean time, we do have a video covering pros and cons of debt consolidation loans - m.ruclips.net/video/A-pyw3JRrIo/видео.html.
The company charges their fee based on the original loan amount?
A debt settlement usually charges a percentage between 15-25% of the total amount of debt enrolled.
Hi, thank you for the video. What’s your opinion on accredited?
Hey! So we do not work with them, we would refer you to someone else. We look at many different things when choosing our partners. If you have questions or want to get connected, call/text us at 833-272-3631.
Can you settle with the bank directly (assuming you’ve made all your minimum payments on time? Or does settlement only works when the account is on default) this is is NY btw
Hey Jonathan, great question! So generally in terms of negotiating the balance down your account needs to be behind. Basically, the account needs to get to a point where the creditor (s) are willing to settle for less than what's owed and they generally won't do so if you're still making payments to them. However, you MAY be able to work out lower interests on the credit card, etc. while you're making payments.
As everyone's situation is unique, I am more than happy to chat with you on the phone to see what route may be a good fit. Our number is 833-272-3631!
This is very valuable information. How bad on your credit does having american consumer credit counseling look on your credit report? Ive heard pros and cons..
Hey Jay, that's a great question, and I am not sure whether future credit opportunities would be negatively affected as it may be up to the individual creditor's underwriting rules. That said, your credit may ultimately go up, but with nonprofit credit counseling, I've heard you have to close the accounts, which may have a temporary negative effect. Are you think of debt management over debt settlement? Would it be helpful to cover the differences/pros and cons? If so, please feel free to to text or call us at 833-272-3631 or schedule a complimentary 15 minute call: calendly.com/ascnd/call. Thanks for watching! -Ben
Can you change debt settlement companies in midstream it's screen?
Definitely, you can change debt settlement companies midstream. Give us a call at 833-272-3631 if you have any questions or anyhow how to do it. -Ben
This is Grafton El-Ameen, I have just signed on with Briteside Solutions and I need to know if this company is one of the better Debt Relief companies. Also according to the Client Services Agreement I have 7 days to cancel. Please advise before the 7 days is up.
Hey Grafton, I haven’t heard of them before. Did they explain what percentage fee you would be charged once debt is settled? Did they go through likelihood of lawsuit of creditors? Did they go over potential tax consequences?
Can you have good credit again after going through debt settlement? What’s the best route.
You may, though it may take a while to repair it. Your credit score will most likely take a hit while going behind on your payments to get to a place where you can negotiate. After a settlement is reached, your credit score may go up as you pay the debt down over time. When you finish paying off the settlement, depending on whether your creditors are willing to do a "pay to delete" or leave the account marked as "settled for less" it may cap how much your credit score may grow for the next 7 years. If it says "settled for less" it may cap how much your score can grow. If they do a "pay to delete" and remove the mark from your credit report you may be alright.
Let me know if you want to chat more about it! Give us a call/text at 833 272 3631 or schedule some time on our calendar here calendly.com/ascnd/call
who debt settlement company would you recommend
Oh, and if it's more helpful, please just give us a quick call as we pick up as quickly as possible - 833-272-3631.
I have a debt with credit card that has not went to collections. I am not able to pay the full amount and would like to settle the debt. What is a good time to call to speak to someone in your office. Thanks for the video.
Hi! Call anytime! Our number is 833-272-3631.
what debt settlement company would you recommend
Hey Steph, thanks, it really actually depends on what state you live in. If you have like 2-3 minutes, you can take our calculator that will provide the the companies for where you live and also the all-in cost/duration.
80.000
@teresamurawski6345 Hey! Sorry for the delay. Do you need to chat through debt relief options? Do you have 80K?
Does the Credit Card companies sue people who does't have an income or asset ? Do they check that before suing ? I mean they are not going to get any money by suing a person with 0 income.
It's hard to say, it may depend on who the creditor and whether they try to check before hand. You make a great point! For the people who are "judgement proof" they don't have any assets that are worth enough or have any income that could be garnished (if they have federally protected income like SSI or retirement or have no income) then there might be nothing the creditor could even get a judgement from the court on
If i do debt settelment am i going to deal with collection or they will take care of that????
Hi! So sometimes after the debt settlement company sends out the Power of Attorneys (POA). the creditor/collection agency would call the debt settlement company. However, there is a chance collection calls can continue. If it's helpful to chat more about your creditor mix specifically, give me a call at 833-272-3631.
The debt settlement company I talked to has a BBB A+ rating is that trustworthy rating?
It could be! Sometimes I'm skeptical about the reviews because they can just ask for the reviews right after someone felt like they were helped. What it comes down to is their track record, what fees they are charging, and what their practices are. Would love to chat if you want to compare some DS companies 833 272 3631
Can you settle a debt if they sued you?
Yeah, many companies can settle a debt even if they sued you in what's a called a stipulated judgment. Would it be helpful to have a quick chat about the details? If so, here's my calendar you can schedule a quick chat with me: calendly.com/ben-tejes-ascend/free-chat - Thanks - Ben
What if I get SS and my funds are Protected ?
If your only sources of income and assets are protected classes, you could be judgment proof which means creditors would not be able to get anything from you. Give us a call if you'd like to chat about it! 833 272 3631
Hello please can debt settlement affect me getting my green card or citizenship
I don't believe so, but it may be helpful to speak with an immigration attorney to confirm.
Is there any in Canada?
Thanks, Rachel. I'd imagine there are services like this in Canada, but I don't know any of the top of my head. I'd definitely consider checking unbiased sources if you are reviewing a company, and let us know if you have any questions.
Is bankruptcy the only way to get free of wage garnishment?
The source of it is unsecured debt
Thanks for the question, Brett. The other way is that you may try to negotiate it but many creditors may just wait out the payments. Bankruptcy can often help, but how much is the garnishment for? For example if garnishment is $3000 and bankruptcy costs $2000 and you don’t have any other debt, then something to think about. Give us a call or text at 833-272-3631 if I can help anymore.
Move to a state without wage garnishment, such as Texas. They may levy the bank account they have on file, so you would need to open a different bank account.
Yeah, unfortunately there are still things they can try to do to get the money. Lien on property, levy accounts as you stated, etc., so it's important to get the debt taken care of!
Is there any relief for senior citizens.?
Thanks, so, just to be clear, many senior citizens that have specific income are judgment proof meaning that even if they get a judgment then they can’t garnish things like social security, etc. That said, We’ve interacted with many individuals who are judgment proof and still want to file bankruptcy because they don’t want the debt over their head. With debt settlement, I’ve seen even a credit union willing to work with us when someone was disabled and on limited income. Hope this helps. Give us a call though if you have any other questions - 833-272-3631. Thanks again for watching and supporting our video!
Hi.. I just with sign with Atlasdebt is that legit is that ok to do I’m very worry now or can I cancel now?
Hey Mia, they appear to be legit, but I'd be happy to chat through your plan payment with you to help you understand the fees. Feel free to give me a call or text at 833-272-3631.
@@AscendFinance thank you so much to reply me back so basically my debt about 25500k and my contract about pay them 465$ / months for 42 months
Also they said no fee just same amount until the end I try to read reviews from google some good some bad then it’s get to my nerves now 😅 and he said no cancel fee if it’s doesn’t sound good I rather call them and cancel it.
@@mianueng2908 Thanks for the info. If you get a chance today or sometime this week, feel free to give me a call at 833-272-3631. I just calculated what they are charging you in fees, based on the numbers you shared. I'd want to share my findings and help you understand your options if that's helpful. You can also book time on my calendar directly here: calendly.com/ascend-finance.
@@AscendFinance I will try to call u tomorrow thank you so much
So what the best debt settlement companies
Great question! It generally depends on your debt amount and state as some firms don't offer ds and others do. Could you book 15 minutes on my calendar and we can chat: calendly.com/ben-tejes-ascend/free-chat?month=2023-07? Thanks - Ben
I sign with Freedom debt relief. I scared that I may lose my house. My sister passed in 2018. I was helping pay he health bills and other with my credit card. I had been paying these cards on time when the interest on one went 26 percent.
But my credit score was ok
Hey Virginia, I had a call scheduled on my calendar, but I think I just missed you. Do you have time today to chat? Thanks! -Ben
I think schedule on July 31st. This what happened. My sister had major heart problems. She was living in a house we both owned. House was debt free. She worked at a company that she didn't get raise a lot. She was helping her son threw college. He ex husband paid not child support. She couldn't make her bills so I helped out. A lot went on two major credit cards. She died and we couldn't open her estate because she owed half million in hospital bills. I was working overtime and wasn't on salary until last year. I didn't get a raise. My roof had to be replaced and I used the two credit card to replace my roof. I was ok, bur then the interest rates on these cards went to 26 percent. I could barely pay the minimum. I called the credit card companies and both said they wouldn't lower their rates. Talk to CPA and they said try to get a loan. Bank said no. Credit score good but 97 borrowing