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Video Transcript

Free Debt Consolidation Quote

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Debt Mediation

When you receive summons from your creditor because they have filed a case against your delayed payments, this usually signals the need for debt mediation. Another term for this arrangement is debt settlement.

The way it works is when you have been unable to make payments for your debt the creditor will pass on your case to a credit collection agency. Usually this is between 90 – 180 days since you stopped making payments. The collector will harass the debtor and if they still refuse to pay, they will be forced to go to court.

The Debt Mediation Scenario

final notice signWhen your case is filed in court, you will be sent a summons. You have approximately 30 days to send a response. This is the perfect moment to go into debt mediation.

Believe it or not, the creditor does not want to go to court just like you. It will involve court costs, legal fees and time investment on both parties. However, they have no choice but to get the judge to force you to pay by seizing your assets.

Unless you reach an agreement through debt mediation or settlement. If you haven’t done it yet, this is the right time to get a debt relief expert to help you out. They will review your finances and offer the creditor a payment plan that you are able to afford.

Sometimes, it is the other way around. The lawyer of the creditor will be first to offer your team a payment plan. This is alright because you can negotiate the price. This is where you can rely on the expertise and negotiation skills of the debt relief expert. While you can do this yourself, an expert will be more than capable of doing it. Not only that, that expert may have had dealt with this particular creditor in the past – thus having a professional relationship established already. All in all, the prospects of you getting the agreement that you can afford to pay for is higher than if you handle it on your own.

There are two types of arrangements that can be done through a debt mediation. One is a lump sum payment. If you have contacted the debt settlement company you are working with in advance (way before the court got involved), they would have advised you to stop paying the creditor intentionally. Instead, you will be depositing your funds in a FDIC insured account and saving it for the intended lump sum that the debt relief expert will negotiate on your behalf. That way, when your case goes to court, you have a sizable amount saved up for the past couple of months you have been making deposits.

The other arrangement is a lower monthly payment. During the mediation process, the debt relief expert will show the creditor just how much you can afford to pay every month. You will try to reach an amount that both the creditor and you as the debtor will agree with.

If in an extreme case the creditor does not want to accept your proposed amount, you will both be forced to go to court where the judge will rule between the two of you. If the court rules in favor of the creditor, you may be in danger of losing your assets.

But then again, that is why you hired the debt mediator to help you. The court scenario needs to be avoided at all costs so you don’t have that on your credit history for the next decade or so.
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If you want to know more about debt mediation, the NationalDebtRelief.com is here to educate you. You can give us a call through the toll free number on this page, the live chat support or the form on the right side of this page. When you fill out the form, a debt relief expert will get in touch with you to discuss how you can get financial freedom.

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Free Debt Consolidation Quote

By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
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Easy National Debt Relief Caller: April Transcribed WE 1/17/2021 April: Our call may get recorded. What financial concerns had led you to seek out National Debt Relief's services? RILEY: I guess just not being able to pay my debt. April: What had you choose National Debt Relief over other companies that provide the same service? RILEY: Really just researching online. Everything that I had read about them seemed pretty positive. April: What service or program did National Debt Relief help you to get through? Like a payment or consolidation program, anything like that? RILEY: I just do bi-monthly payment to them, and then they reach out to my debt account, I guess, that negotiated everything for me. So, it’s pretty easy. April: Can you walk me through the process of what you went through to enroll for the services? RILEY: God, it's been like two years, so I kinda don't really remember. I just had to fill out some stuff online and then talk to them on the phone. I had to give them all my account information and everything. And then they worked out a payment plan for me. And they communicate with me like once a month with my statement. And whenever they have communication with my accounts, they have called me and had me verify before they've done anything and whatnot. April: That sounds like a really good service there. RILEY: Yeah. April: At this point, are you still in the program or have you completed it at this point? RILEY: I'm almost done. It was, I think, a two-year plan. So, yeah, I think I just have one other account that I'm paying on. April: How about any interactions with the negotiators? You said they will call you at any time that there was maybe an account activity that they want to confirm with you first. RILEY: Uh-huh [yes]. April: So, how is the interaction with them when they reach out to you and you're able to discuss with them? How is that interaction? RILEY: It's been super easy and positive for me and relieves a lot of stress and anxiety. So, yeah, it’s been very easy. April: And then how has National Debt Relief been able to work with you in terms of your payment plan? RILEY: I basically just told them what I could afford, and they figured it out. And they have offered COVID relief if I need to stop payment for the time being or whatever. Fortunately, I haven't had to do that. So, I don't really know how that would have worked, but that was an option. But they're always like, “Call us if you can't make payment, and we'll figure something out for you.” April: What are your thoughts about the cost in relation to the quality of the service you received? RILEY: I'm really happy with the program. [unclear 0:04:22] as far as I know. I don't have any complaints. April: Has working with National Debt Relief impacted your life? RILEY: Yeah. April: How would you say that it's impacted your life at this point? RILEY: It just has relieved a ton of pressure and stress, financial stress, anxiety. I'm not living paycheck to paycheck now to pay my interest, so that’s been nice. April: Have you had other experiences to National Debt Relief that perhaps you want to share with us in regards to your experience with them? RILEY: No. I think that’s it. April: On a scale of 1 to 5, where would you rate National Debt Relief, if 5 stars is that you recommend to your friends and 1 star is you're very dissatisfied? RILEY: I would say 5. April: In a few words, how would you summarize overall the National Debt Relief in your experience with them? RILEY: Just easy and stress-free. April: Would it be okay for us to also utilize your commentary as a review that we can publish for National Debt Relief? And that would go to public webpage here, but that's to help other consumers make good choices if they're also in the same market. RILEY: I guess. Would it have my first and last name? I don’t— April: Only the first name. And if that's an issue, we do the first letter. RILEY: [unclear 0:06:03] you want my full name. April: Not at all. So, we only do the first name as an option. We can also do the first letter. So, it's really up to you on which option you prefer. But just the first name. We don't do last name. We don't post anything personal like your phone number. RILEY: Yeah. I think you can use my first name. April: I do offer a link that we can also send you with a direct link to your review. So, once it's published, you also get to see directly. Is that something you would like to have sent to your email? RILEY: No.

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Riley Barker
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