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HomeBlog Credit Card DebtBenefits of Debt Negotiation
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Benefits of Debt Negotiation

May 31, 2012 by Adam Tijerina

You’re finally ready to admit it. You’re in serious trouble financially. You made the mistake of thinking each month that you could make things better or that it was okay because you were making at least the minimum payments on your credit cards.

But you just can’t deny the facts any longer. You now owe $9,000 that you have absolutely no way of repaying any time in the foreseeable future.

Four options for managing your debt

There are four good options for managing that debt. First, you can go to a consumer credit counseling service. Many of these agencies provide their services free. If you choose this option, a credit counselor will help you develop a payment plan and then “sell” it to your creditors. With some agencies, you will send it a check each month. The agency will then distribute money to your creditors based on the payment plan they accepted.

Second, there is a strategy whereby you transfer all of your credit card debt to a zero balance transfer credit card. This will do nothing to reduce your debt but will give you a “timeout” of six to 18 months during which time you will not have to make any payments and might be able to take some other steps for getting your debt under control.

A third way to handle your debt is to pay off everything you owe with a debt consolidation loan. If you have equity in your house or some other valuable asset you could use as collateral, you could get a low interest secured debt consolidation loan. If not, you would need to apply for an unsecured debt consolidation loan.

The fourth and possibly the best option

Many families have found that the best way to handle debt is via debt negotiation. This is where you or a professional debt negotiation company negotiates with your creditors to slash the amount you owe.

The benefits of debt negotiation

If you owe $7,500 or more in unsecured debt, then debt negotiation could very well be your best option. The biggest benefit as noted above is that it’s the only way you can actually get your debt reduced. An experienced and professional debt negotiation company such as National Debt Relief can get your debt reduced by 50% or even 60%. The way this is done is that the company negotiates “final” settlements with your creditors, whereby they agree to take less money in order to be guaranteed that they will get at least half of what you owe. Most families that have chosen debt settlement have found themselves completely out of debt in 24 to 48 months.

Better than bankruptcy?

Debt negotiation can help get you out of financial trouble but will definitely have an effect on your credit rating. This is because you will have stopped making payments to your creditors for probably six months before they will be ready to settle. And this will definitely be reported to the credit bureaus, which will have a negative effect on your credit score. However, this will have less of an effect then filing for bankruptcy which will stay in your credit file for 7 to 10 years, during which time you may have a serious problem getting any new credit.

Debt settlement is not for everyone. But if you have had some kind of financial emergency that has made it impossible for you to make payments on your credit cards and other debts or that would keep you from making payments in the future, then debt settlement could be your very best option.

Do you qualify for debt consolidation?

Adam Tijerina
Adam Tijerina

Adam Tijerina is a personal finance expert for National Debt Relief, a BBB A+ accredited business offering debt settlement services since 2009. Adam knows a thing or two about debt resolution after successfully settling $43,250 in credit card debt on his own. He has also co-authored two books about overcoming adversity and has been featured on Credit.com and USNews.com. Adam holds a Bachelor’s Degree from Trinity University and lives in Texas with his wife and four children.

Follow Adam Tijerina: Linkedin

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"When I first decided to go with National Debt Relief and I..."

Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/17/2021 Charlotte: Our call may be recorded. What actually made you decide to work with our National Debt Relief as opposed to other providers? GLYNN: Well, when I first decided to go with them and I talked with the representative, I got a favorable impression of him. And since we've gone with him, we've had very good experience with them. Charlotte: Can you tell me about the program that our National Debt Relief signed you up for? GLYNN: It's a debt consolidation program. Took our credit cards and then working to pay them off. So far, they paid one of my wife's off and one from me. Took the harassing phone calls that we were getting and got them to stop and got creditors to wait on their payments so we could get money to pay them. Charlotte: What did you think about the enrollment process you went through? GLYNN: Enrollment process? Well, it was, I guess... Charlotte: Like how easy or difficult did you find the enrollment process to be? GLYNN: It was no [unclear 0:02:52], just what we could do, and looking at our financial situation, what we was able to do. It's just that, mainly, I was the point where I was fixing to go bankrupt and I didn't want to do that. And this was a way to, I guess, not to go bankrupt. But it still left that option open. Charlotte: In what ways would you say that this program has worked for you? GLYNN: Well, I guess the biggest thing is it stopped the harassing phone calls that we have been getting sometimes five or six times from the same creditor a day. It gave us an opportunity of being able to, I guess, set up a fund that we can use to eventually pay off our credit cards and our debts. Charlotte: About how far would you say that you were in at this point? GLYNN: At the time we signed up? Charlotte: At this point right now. About how far are you in the program? GLYNN: Well, it's, [0:05:00] I guess, about -- I would say I think I was like nine months. And like I say, they were able to pay off one of my wife's credit cards and are working on another one and was able to pay off one of my credit cards, and hopefully be able to pay off another one. Charlotte: Walk me through the interaction with your National Debt Relief negotiator. Give me a little insight on what that experience was like with that representative. GLYNN: Well, he helped us go through and get signed up on a program. He helped us with the getting, I guess, a financial report to establish a savings account to be able to use to start paying our debts off. We didn't know what to do or how to go about doing it. Charlotte: Is there anything about your National Debt Relief negotiator that really stood out and impressed you at all? GLYNN: Yeah, his manner and I guess he was polite and he didn't put down on us. And he led us and showed us the direction we need to go. Charlotte: Is there anything about this process that you would have liked to have seen handled differently? GLYNN: No, not really. Charlotte: If you had to rate this experience on a scale of one to five, and five is that you would recommend to friends and one is you were pretty dissatisfied, how would you rate it? GLYNN: I would rate it at a 5. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? They just like to know what their customers felt about... GLYNN: If you think they're good enough to post. [chuckles] Charlotte: I will send over a link so that you can have it as a record for yourself also at glynncoates@gmail.com. How would you say that your life has been impacted by working with National Debt Relief? GLYNN: Well, it's taken off a lot of the burden off that we were under. We was to the point of, "Just go ahead," and getting a lawyer to file bankruptcy. But this has given us an opportunity to pay some of our debtors back. We made the debts under good face and circumstances beyond our control, it got out of hand. And so, we were trying to -- we wanted to pay them back, [0:10:00] or as much as we can so that, I guess, more ease in our minds. Charlotte: If a friend or a family member were asking you about National Debt Relief, what would you tell them? GLYNN: I'd tell them if they was needing, that they were good to work with and they continued to try to help and work with us. Charlotte: Our call is recorded.

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