REAL DEBT SOLUTIONS

What is Debt Settlement?

Debt Settlement means that your principal balance of debt is negotiated down to a lesser amount. Debt settlement can be an attractive option if you have more debt than you can pay off in a short time frame or if you’re unable to make the minimum monthly payments due to financial hardship.

With a debt settlement program, MDS will negotiate on your behalf in order to lower your principal balance. In most cases, you can also lower your monthly payments due to the lower principle balance.

Debt settlement is a viable option for people who have hit financial hardship.
If you are unable to make monthly payments to your creditors due to true financial hardship, more often than not they are willing to negotiate a lower principle balance to retrieve some of what you owe as opposed to nothing. This is why paying less than what you owe is a reality for many Americans who are struggling to pay off their debt.

 

How Does It Work?

At first glance, settling your debt sounds like an extremely complicated process and can be a little intimidating to tackle on your own. After enrolling in a debt settlement program, the company or firm will take on the burden of dealing with harassing creditors and serve on your behalf to negotiate the lowest possible payoff amount to the creditor. MDS will help you pick out a customized program that fits your needs and will set you on a path to lower monthly payments and becoming debt-free at your own pace.
 

How do you know if you qualify?

There are many factors that are taken into consideration when determining if you are qualified for debt settlement. All of our well-trained Debt Analysts can go over your options in detail. Generally speaking, the qualifications are as follows:
•    You have more than $10,000 in debt
•    You currently can’t afford to pay more than the minimum monthly payment
•    You anticipate not being able to afford minimum monthly payments due to unexpected financial hardships including but not limited to divorce, unemployment, and medical debt.

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What type of debt qualifies?

•    Credit Card Debt
•    Unsecured Loans
•    Vehicle Repossessions
•    Collections
•    Medical Debt
•    Business Debt

How long does it take & does it affect my credit?

We customize our payment plans to fit the varying needs of every client. Once you’ve been successfully enrolled, MDS programs can vary depending on the type of program you choose.

There are many benefits of debt settlement, but the reality is that settling your debt will negatively affect your credit. However, in many cases this is still a better option than Credit Card Counseling or Bankruptcy. Bankruptcy may affect your credit score for 7-10 years, and credit card counseling programs can last up to 5-7 years with you paying back 100% of your principle balance. With debt settlement, you can potentially resolve your debt in less than 3 years and pay a less than your principle balance.

Why is Debt Settlement a Better Option over Bankruptcy

Debt settlement (unlike bankruptcy) is a private negotiation with our legal team and your creditors. Bankruptcy is a public filing that is accessible to everyone including potential employers, current creditors, future creditors etc. Bankruptcy can stay on your credit report for the next 7-10 years.

Why you can rest assured this is not a scam!

Although there are fraudulent companies posing as debt settlement companies, there are plenty of legitimate ones that can help you get out of debt. Mediator Debt Solutions is an established law firm with an A+ rating from the Better Business Bureau and is regulated by the State Bar. Our client’s results are our number one priority.

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