How Debt Settlement and Credit Settlement Can Help Brooklyn residents
Debt settlements and credit card settlements happen every day. Some settlements are executed
properly and some are not. Before you try to settle debts, contact Kachan Law for more information.
They will be able to guide you through the process, negotiate on your behalf and ensure the correct
notations are made on credit reports.
Debt Settlement in Brooklyn
Settlements may be negotiated with creditors on your behalf. This is ultimately a loan forgiveness
for some or all of the loan based upon your balance and what you are able to pay. There are some
creditors who would rather take a sure thing now as opposed to waiting and waiting for a payment to
come –and this is when you can make a dramatic difference in your overall debt.
Often, when a settlement is negotiated, you will be given a specific number of months to make
predetermined payments to settle your debt with a specific creditor. We are able to handle the
negotiations for you to ensure you get the best possible outcome with your total debt.
When it comes to settling debt, it’s very important that the right paperwork is done. This will ensure
that you are under no further obligation to make payments to a creditor. Without such paperwork,
they creditor could make future claims on you, which could cost you a considerable amount of money
in the future – especially if they add various fees and interest charges.
There are a lot of things you need to ask yourself before settling debt. Is this the right move for you?
How much debt can be settled? What will your monthly payments be? Is bankruptcy the better
option? Before you move forward, these are questions that you have to get answered before you can
determine if you are making the right decision for your finances or not.
The Impact on Your Credit
There will be an impact on your credit with debt settlement. However, in comparison to some of the
other options, debt settlement is your better option. This is typically used for credit cards and other
unsecured loans. Not all creditors are willing to settle, but it can help you and have a lesser impact on
your credit score than bankruptcy or other actions.
The debt and credit card settlement shows that you are actively involved in improving the situation.
As a result, credit bureaus are not going to reduce your credit score as much as they could. It’s when
you do nothing and let the creditors come after you for the money that you will experience the largest
impact on your credit score.
When you work with Kachan Law, you will have legal professionals who know all about debt and credit
settlement. When done properly, there are notations made in the credit reports so that it doesn’t
impact your score too significantly. Without these notations, it can show that debt was settled in
another manner – or is still outstanding. If your credit score drops too low, it could affect your ability to
get other loans – such as a car loan or a mortgage.
Don’t let debt bury you and cause you financial burdens. All it takes is one call to Kachan Law to set up
a free consultation to have your finances reviewed. Professional legal assistance can guide you through
your options and show you how debt settlement can make a dramatic difference in your day to day
finances. It may be just what you need to begin affording all of your monthly obligations again.