What is Debt Settlement?
Posted by Century Support Services on Nov 07, 2020
Consumers struggling under a mountain of growing debt might come to the realization they need to find a better solution to solve their money problems. Many find debt settlement solutions to be the perfect solution for them to get out from under a mountain of debt and put themselves back on a healthy financial track.
If you find yourself experiencing debt at a level you can’t keep up with as interest payments continue to snowball, you might find debt settlement appealing. With professional intervention, you can have the entire amount of your debt reduced for you to pay back in a way you can afford.
How Debt Settlement Works
Debt settlement is an ideal solution for people with a large amount of unsecured debt, especially those who have multiple loans or open credit cards and are no longer able to make their monthly payments. In a nutshell, unsecured debt is debt with no collateral backing, such as credit cards, medical bills, student loans, back rent, and utility bills.
If you carry unsecured debt, a debt settlement solution can help you to reduce the overall amount of money you owe. The goal is to get you out of debt in a way that is both manageable and achievable. How Century’s program works is:
- We’ll do the negotiating for you. Debt specialists will negotiate for you a lowered total amount owed with every credit card company and other creditors you owe money to.
- You have time to save money. As our debt specialists negotiate, you focus on saving money to pay back the money you owe in one lump sum.
- You can get relief from harassing debt collectors. Century has contracted with the United Consumer Advocacy Network (UCAN), an agency that protects the rights of people who fall victim to harassment debt collectors. As one of our clients, you’ll have access to the benefits of this program free of charge.
Century Support Services is very skilled at giving our clients a rewarding journey that leads them to eventually become debt-free. We take our clients’ needs and trust in us very seriously. Our debt specialists put the focus entirely on you to ensure you have the best experience possible with the least amount of stress.
Benefits of Debt Settlement
For people who are trying to juggle their bills, along with multiple loans or credit card balances with accumulating interest each month, there are many benefits to debt settlement.
- Avoid bankruptcy. Unlike debt settlement, bankruptcy will follow you for the rest of your life. The truth is debt settlement will hurt your credit score for about seven years; however, you can bounce back from this temporary setback – bankruptcy not only hurts your credit score but is a question frequently asked on job and loan applications (not answering honestly constitutes fraud).
- Reduce overall debt. Debt settlement emphasizes actually decreasing the entirety of the debt you owe, not just reducing your monthly payments. This makes being actually debt-free far easier to achieve.
- Stress-free experience. Debt settlement takes a lot of the pressure off of you because a debt specialist takes on the task of negotiating down your overall debt while you focus on putting money aside to make a lump-sum payment.
- Pay back debts faster. Once connecting with a good debt settlement program, you can usually be debt-free in about 24-48 months. Trying to do it on your own can take years and years and you’d typically still be paying the original amount owed, plus interest.
When it comes to debt, there is no one-size-fits-all solution for everyone. Century understands this, and in our program, we put the focus completely on you and work to establish a plan that is customized to your situation to ensure you fully receive the benefits of debt settlement.
Alternatives to Debt Settlement
Consumers all have different financial situations. While debt settlement is ideal for many consumers, at Century, we recognize it’s not for everyone. Some consumers may find other debt relief solutions to better fit their personal finance situation. Alternatives to debt settlement include debt consolidation loans, bankruptcy, credit counseling, and debt management. People who have taken out multiple loans, have unmanageable credit card debt, or generally higher amounts of debt typically find debt settlement to be their best option that results in the best savings.
Contact Century to Learn About Debt Settlement
Century Support Services is a debt settlement company with a proven track record for helping our clients get out of debt. With more than 17 years of experience, we have helped 250,000 customers settle almost $1.3 million in debt over the years. With a 94 percent customer satisfaction rating, we stand out among other debt settlement companies. Our certified debt specialists will work hard to provide a personalized solution for you before they get to work negotiating with your creditors.
If you’re carrying a high amount of unsecured debt, our program may be right for you. To learn more about our process and receive a free debt assessment, contact Century today to get started.
To learn more about the debt settlement process or if you have any general questions relating to how long does debt settlement take or how long will it take to recover from debt settlement, we’re happy to answer any questions.
Contact us today!