Topic: Pros and Cons
A debt settlement company works to negotiate with your creditors to settle a debt for less than what you owe. No payments are made to the creditors until a settlement is reached. Your accounts will be reported as past due on your credit reports unless you make payments yourself.
Pros- You can realistically expect to pay less than what you currently owe under this type of program.
Cons- If you credit wasn't already ruined, it will be by the time you settle all your outstanding debt.
A debt management company will negotiate with your creditors to reduce interest and late fees. You pay the debt-management program, which in turn pays your creditors.
Pros- You can often settle for the principle amount borrowed or for very little over....in effect getting a long term interest free loan from your creditors if the program is properly managed.
Cons- You are required to make payments to the management company which takes their fees out before they start paying down your debt. You could make several months payments and be further in debt than if you negotiated directly with your creditiors.
William Arthur LLC has a third alternative for you. Budget carefully, reduce your spending, and deal with your creditors directly. I am prepared to assist you in all facets of regaining finacial control. I am paid only for my time and expertise.
Given the current economic environment, most unsecured creditors are very motivated to establish some type of payment plan and are very accomodating if you stick to the deal you make.
Take the first step and call me for a free consultation. (302) 229-3567 or visit my website at www.william-arthur.com and submit a request for info form.
