If you're struggling with high debt that you can't afford to pay on your own, debt settlement could help you reduce what you owe to creditors, save money on your debt, and be debt-free faster.
Debt settlement could be the answer to your debt stress if you're dealing with credit cards, personal loans, and other kinds of unsecured debt. But it's important to understand what it is and how it works. Learn the ins and outs of debt settlement so that you can decide if this debt relief option is right for you:
What Is Debt Settlement?
Debt settlement is a process where you or a company on your behalf, negotiates with your creditors in effort to get them to accept less than what you owe on your debt — allowing you to reduce your debt and get out of debt faster than you would if you continued to make minimum payments.
How Does Debt Settlement Work?
Here are the steps that typically happen after you enroll:
- Build — Every month, you make a deposit into an FDIC-insured savings account you own and control.
- Negotiate — Once you save enough in your account, the debt settlement company negotiates with each of your creditors to settle/resolve your debt.
- Settle — Every time your debt settlement company and your creditors reach a settlement agreement, the debt settlement company contacts you to approve the settlement.
- Freedom — After the full settlement amounts are paid on all your accounts, your debt is behind you!
In return for negotiating debt on your behalf, debt settlement companies charge a fee that typically ranges from 15-25% of the debt you enter into the program. But even with the fees, you could still save money by working with a debt settlement company.
Pros of Debt Settlement
With help from a debt settlement company, you could get out of debt faster and for less than you currently owe.
Debt Settlement Pros
- Reduce your total debt
- Affordable program payments
- Faster than minimum payments
Ready to take the first step?
The best way to find out if this debt relief option is right for you is by requesting a free debt evaluation with the Union Plus Debt Settlement program. When you contact our partners at Freedom Debt Relief, you'll speak with a Certified Debt Consultant who will walk you through the debt settlement process, present you with other debt relief options, and help you find the right solution for you.
Find out how much you could save on your debt!GET DEBT RELIEF