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Debt Settlement Qualifying | GreenPointe Financial
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Preferred by most debtors Debt Settlement is an agreement wherein the borrower and creditor arrive at a

reduced balance, and once the remaining difference has been satisfied/ paid (typically within 120 days or less)

the debt is then considered paid in full.

DO I QUALIFY FOR DEBT SETTLEMENT

If you are still making minimum payments and haven’t fallen behind on your bills yet, you won’t be able to

settle your debt(s).  Because, an original creditor or collection company isn't going to accept less than what's

due if there is reason to believe they can continue to charge interest, plus late fees, and still collect the entire outstanding balance.

In other words, debt settlement is a viable option only when you have many late's, missed payments or

accounts that have been charged-off. Thus, settlement offers are often accepted only if the creditor

believes you won’t or can't pay at all.

WHAT TYPE OF DEBT QUALIFIES FOR DEBT SETTLEMENT

A Debt Settlement Program focuses on unsecured debt, credit card bills, medical bills etc. However, home
and auto loans do not because these accounts are secured; and can be foreclosed on or repossessed.

Hence, please find below a list of qualified and unacceptable obligations.

Qualified Financial Obligations
Aged Auto Repossessions
Aged Judgments
Credit Cards
Medical Bills
Miscellaneous Unsecured Debt / E.G.
Skipped Rent
Personal Lines of Credit
Private Student Loans
Signature Loans
Store Cards | E.G. Home Depot, Sears.
 
Unqualified Financial Obligations
Back Taxes
Child Support
Federal Student Loans
Home Equity Loans
Insurance Policies
Mortgages
NSF / Insufficient Funds Check
Recent Auto Repossessions
Traffic and Parking Tickets
 

DEBT SETTLEMENT PAYMENT TERMS

 

A “full and final settlement' means that you ask your creditors to let you pay a lump sum instead of the

full balance you owe on the debt. In return for a lump-sum payment, the creditor agrees to write off

the rest of the debt.. This course of action can usually be spread over a 3-4 month period.

What is the upside to negotiating a Lump Sum Settlement Agreement
 
1. Under this agreement a debtor can usually negotiate a substantially better discount.
2.  Debt Settlement is generally a faster and less expensive debt relief option than either debt
management, consolidation or counceling. 
   
3. For the debtor, the matter is resolved and they can move on with life.
4.

Entering into a Debt Settlement agreement can stave off a possible or active legal proceeding.

AND
5. The Creditor has received some compensation immediately, verses setting up a payment
arrangement, risking the debtor not paying or filing bankruptcy; in which case they would
receive nothing at all.
   
What is the downside to negotiating a Lump Sum Settlement Agreement
1. The downside to this type of debt negotiation is if the reduction is more than $600. the creditor
may report the transaction to the IRS; and doing so on your next tax return filing would have to
include the discounted difference as Discharge of Indebtedness Income.
 
  AND 
2. 

As you may read online or hear from the less informed, this form of debt reduction can have a

negative affect on your credit score. However, if you do meet the criteria for Debt Reduction

the creditor for the account in question has already reported the derogatory payment history;

to the credit bureaus; making the reference a moot point.

 

Yet, because our Debt Settlement program is tied to our credit repair service this will be

addressed. Moreover, the negative impact of a debt reduction plan to ones credit doesn't come

close to the severity/ damage that a reported bankruptcy carries.

 
 
 
   
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