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How do traditional debt settlement companies make money?

A debt settlement company does exactly what its name implies: It helps you negotiate with your creditors to settle your debt for less than what you owe. Sounds amazing, right? Well, not so fast. You need to understand how traditional debt settlement companies work and, more importantly, how they make…

How debt settlement works on Resolve

The term “debt settlement” is an appealing one for folks looking for a way to get out from under the burden of their debts. It certainly sounds more hopeful than another debt relief option, bankruptcy. Here’s how debt settlement works on Resolve and what sets the company apart from others…

The tricks of debt settlement: 5 sketchy things to watch out for

For many Americans who struggle with debt that would take years to pay off, relief could come in the form of debt settlement. However, the tricks of traditional debt settlement are sometimes hard to spot. Here we’ll explain what debt settlement is, how it works and five sketchy things to…

What does it mean to have my unpaid debt charged off?

If you’ve ever fallen behind on paying a debt — credit cards, a car loan — you know what usually comes next. You’re charged late fees, your interest rate might go up, your credit scores take a hit and your lender starts getting in touch. But if you fall really,…

What to do if you have medical debt you can’t pay

If you have medical debt you just can’t deal with, you’re definitely not alone. About 43 million Americans have unpaid medical debt. And for many people, mounting medical bills mean mounting stress. Medical debt is unique in many ways, including that it’s rarely voluntary and often unexpected. Along with a…

How can I unenroll from my debt settlement company?

If you are currently enrolled with a debt settlement company and you would like to end your relationship with them, you have some options.

5 steps to rebuild credit after debt settlement

A settled debt is better than an unpaid, past-due one on your credit report, but settling a debt can often hurt your credit score. That’s because settling a debt means you didn’t pay it as agreed. Here’s how to rebuild credit after debt settlement. How badly your credit has been…

Have a student loan with National Collegiate Trust (NCT)? Here’s what you need to know

National Collegiate Trust (NCT) is one of the nation’s largest holders of private student loan debt, but it is not a company. As the name implies, NCT is a set of trusts used to purchase existing student loans held by originating lenders. Owned by Turnstile Capital Management, NCT holds billions…

Portfolio Recovery Associates: what you need to know

Portfolio Recovery Associates (PRA) is one of the largest debt collectors, and has been in business for 23 years. It is also a debt buyer. This means that it purchases portfolios of charged-off accounts from creditors and attempts to collect payment from the consumers who owe the debt. Debt buyers…

Cavalry Portfolio: what you need to know

Established in 2002, Cavalry Portfolio is a large debt buyer that positions itself as caring for the consumer. The website outlines core values, prioritizing integrity, respect and communication. It also uses consumer-friendly language, such as calling the delinquent accounts it purchases “non-performing consumer loan portfolios” and referring to its employees…

LVNV Funding/Resurgent Capital: what you need to know

LVNV Funding is a large debt buyer that purchases delinquent accounts domestically and internationally from original creditors and other debt buyers. The collections on those accounts are outsourced to Resurgent Capital Services LP, a third-party debt collector. Resurgent itself may outsource the accounts to third-party collection agencies. Here’s what you…

What is a debt buyer and why should you care?

Buying debt is a big business. Gaining ground in the savings and loan crisis of the 1980s-90s, debt buyers today primarily deal with delinquent credit card accounts and defaulted personal loans. In the last few years, guidance on debt selling from the Office of the Comptroller of Currency and actions…

Midland Funding/Midland Credit Management: what you need to know

Established in 1953, Midland Funding is one of the oldest and largest debt buyers. It purchases portfolios of delinquent accounts from creditors for a percentage of the debt value, then pursues repayment of those debts. It’s owned by Encore Capital Group, one of the few publicly traded debt-buying companies in…

What are the differences between debt relief & bankruptcy?

Bankruptcy is not necessarily the villain of a debt recovery story. At times, it can be the right solution that gives a consumer a chance to start over. However, like all debt relief options, there are pros and cons. Comparing bankruptcy to these other options can help you assess the…

Collection law firms: Things could be about to get real

So you’ve received a notice from a collection law firm that it has been assigned your account. This no doubt feels like a serious matter, and, honestly, it is. But you are not powerless — you still have ways to reduce your risk of being sued. You can also use…

The difference between debt management & debt settlement

If you’re experiencing the weight of credit card and loan debt and are falling behind on payments, you may be considering debt relief solutions. Among your options are debt settlement and debt management, but they are very different approaches. How do you decide which is best for your situation? Two…

What are debt settlement programs?

If you’re in debt, you’re certainly not alone. The Federal Reserve estimates that Americans have over $14 trillion in consumer debt. However, if the debt feels like a hole that you may never be able to dig yourself out of, you may be considering a debt settlement program. Is debt…

How long does debt settlement stay on your credit report?

If you’re thinking about settling your debt — essentially negotiating with your creditors to pay off your debt for less than what you owe — be aware that making a settlement  doesn’t mean your debt disappears from your credit report. In most cases, a settled account remains on your credit…

How to negotiate credit card debt settlement by yourself

If you find yourself crippled by credit card debt, having racked up charges that will be hard to pay off, you might be able to settle your accounts with your lenders for less than what you owe. And you might not need a debt settlement company to do it. Here’s…

How to settle credit card debt before going to court

The best defense against being sued for credit card debt is, of course, to pay your debts before that happens. That doesn’t necessarily mean paying them in full or right away. But even if you’ve already received notice of a lawsuit, it’s not too late to settle your credit card…

How does debt settlement affect your credit score?

If you’re considering settling your debt or already in the process, you no doubt want to know how debt settlement will affect your credit score. The answer depends on a number of factors. Debt settlement will hurt your score, but that might be acceptable to you, especially if you have…

How long does it take to rebuild credit after debt settlement?

If you’re thinking about settling your debt, or in the process of doing so, you’re probably looking forward to having that financial weight taken off your shoulders. You might also hope that your credit score will rebound quickly once you settle your debts. Debt settlement, though, won’t improve your credit…

What is debt settlement?

If you’re finding that your debt has become unmanageable, you may be looking at options for paying it down or resolving it altogether. One approach is to establish a debt settlement plan. This isn’t always the right solution, though, so it’s important to assess your financial situation, and then understand…

How to Settle Credit Card Debt

The typical American  household is carrying average credit card debt of $9,333 according to recent research. If you’re among them, you  may be dealing with overwhelming debt and looking for a viable solution. Fortunately, there are several options for resolving your debt  and debt settlement may be one of them.…

How to settle with a debt collector

If you’ve fallen behind on a debt, and the debt collectors are calling, you’re probably under a lot of stress. It’s important, though, not to panic and to come up with a plan of action. Here’s how to settle with a debt collector. The first thing you should know is…

Frequently Asked Questions

What is Debt Settlement?

Debt Settlement is the process of paying off your debts…

How does Debt Settlement work?

Debt Settlement is a negotiation between you (or your representative)…

Why are creditors willing to settle?

It is an accepted business practice for creditors to take…
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