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Debt settlement is a program to renegotiate the amount of debt you owe so that the amount paid is less than the original balance, yet is legally accepted as full payment of the debt. Many people who are facing financial hardship find that debt settlement is the only debt resolution method affordable for them. Debt settlement requires using the correct strategy with each particular creditor. This is done best by hiring an experienced company, such as Lifeboat Financial, who understands the current industry.
Debt Settlement Facts:
• It’s rapidly becoming the preferred method for consumers to deal with debt problems brought on by financial hardship.
• A debt settlement company works as the consumer's advocate when dealing with your creditors. We are not affiliated with your creditors or paid by your creditors like consumer credit counseling.
• Lifeboat Financial offers different savings plan options.
• The client's debt can be settled in 18 - 48 months depending on the Client’s Budget and ability to save.
• You will receive an 'open delinquency' on your credit until debts are settled.
• Debt settlement lowers your debt to income ratio faster than Consumer Credit Counseling. Your debt to income ratio makes up a significant factor in your ability to qualify for a loan.
• A plan to settle your debt for less than the principal balance owed
• The total cost of the program may be significantly less than credit counseling or consolidation.
Lifeboat financial is successful because our Debt Consultants are highly trained. Lifeboat Financials debt negotiators carefully structure a debt negotiation action plan for each and every client. Lifeboat's mission is to settle your debts while keeping you away from bankruptcy. Your success is dependent on a complete commitment by you to work with our experienced staff as we form a partnership to settle your debt. Our team has helped hundreds of people just like you get out of debt. Now let us help you!
You will need to retrieve your creditor documentation (most recent statements) so that our Debt Consultants can easily assist you. You will be asked for detailed information about your creditors and debt as necessary. We will guide you through this process - step by step. Call today and speak with a Debt Consultant and see how you can rely on Lifeboat Financial to settle your Debt and help you on your path to financial freedom.
After deciding the best debt settlement plan for you, we will send you an enrollment package. The enrollment package will provide us with information about you as well as information about your creditors.
Lifeboat will educate you on how to handle creditor calls and communications and Lifeboat will contact creditors when appropriate. We will also assist you in communicating with creditors by providing you forms and letters that may help reduce the call volume and/or collection attempts, particularly after the debt has passed from the original creditor to collection agency. This process will vary as creditors change their collection method from time to time.
Our Debt Negotiators will begin negotiations with all your creditors to obtain the best settlement possible once you have saved some money. Our Debt Negotiators are paid based on their performance in getting you the best settlement possible.
Lifeboat Financial will work with you to determine an affordable low monthly payment to put towards your debt settlement special purpose account. When a comfort level is met with the appropriate set monthly amount, these funds will be dedicated to your debt settlement. These funds must be set aside each month so that our debt negotiators can use the savings to negotiate a settlement with your creditors.
We provide a variety of programs to choose from depending on how fast you want to be debt free and what you can afford. Programs usually range from 18-36 months depending on the size of debt. Everyone’s case is different and one of our Debt Consultants will be able to provide you with a plan for your unique situation.
A Lifeboat Financial Client Services Account Manager will make a monthly courtesy call to you to make sure everything is going as planned. If you have any new information or questions your Client Services Account Manager will be happy to assist you at that time. You will also be given a direct line to call anytime regarding any concerns or questions you may have.
Working with creditors is a timely process of negotiations between your creditor and our company. Our program is structured to work for YOU, it is set up so that when you have a reasonable amount of savings, negotiators will start the process of obtaining settlement offers. Statistics show approximately 30% of the almost 2 million bankruptcies last year occurred on debt that was current, your creditors are aware of that fact. Creditors do want to settle and we will negotiate aggressively on your behalf.
You will always be asked to approve any settlement and written documentation will be obtained for every finalized settlement before you fund the settlement. Remember, Lifeboat Financial is working for YOU and not your creditors.
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