The process of negotiating with creditors to get them to agree to accept payment that is less than the full amount owed.
When someone finds that they are getting deeper and deeper in debt, they sometimes end up in a position where it is impossible for them to meet all of their financial obligations. Debt settlement affords them an option other than declaring bankruptcy.
Whether working with a debt settlement company or working to settle debts on your own, the goal of debt settlement is the same: to get creditors to mark a debt as completely satisfied in exchange for a partial payment.
Many people have seen success with debt settlement because lenders would rather receive a partial payment than no payment at all, which is a possibility if you are forced to declare bankruptcy. A major downside of debt settlement, however, is that it typically can lower your credit scores.
Century Credit Group is available to offer the assistance necessary to settle defaulted credit obligations all while minimizing the impact it’ll have on your credit score. Give us a call today at (888) 778-2345.