http://www.dangerousdebt.com/debt-settlement/debt-settlement-company/ Debt settlement company - Before you enroll in a settlement program, make sure that you have found the ideal debt settlement company for you. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 The first step in a settlement program is actually finding that debt settlement company that you feel most confident about. Any financial decision should only be made after a lot of thought on your part and consultations with a few debt settlement companies. Do not settle for the first debt settlement company that you find, take the time that you need to make the best choice for you and your future. What is debt settlement? The whole process of this program starts with your debt settlement company professional contacting all of your creditors and negotiating with them for the lowest possible final balances for the debt settlement. Most of the time you end up paying back about 40-60% of the balances, which of course is a huge discount, but your creditors are willing to take that over nothing. you will be expected then to pay that final balance back immediately and your debt will have been considered settled. Depending on the debt settlement company you are working with, you may be able to pay it off over the course of 1-3 years. Otherwise you will only be eligible for this debt settlement service if you have the total sum of expendable cash. You would have to expect there to be a downside when you are getting such a discount wouldn't you? And working with a debt settlement company does have a downside and that is that because you did not satisfy the loan according to the original agreements it will state as much on your credit report for years to come and bring down your credit score. People still opt for debt settlement programs though because they allow them to get rid of the debt in one shot and to start saving money right away after. Sat, 26 Jul 2008 15:00:00 EDT