If youre in way over your head financially, and youre struggling just to get by each month, theres a good chance that youve taken a long and serious look at your options to become debt-free. Youve probably read more than you care to know about consumer credit counseling, bankruptcy, debt consolidation and debt settlement, but your diligence in finding a solution to your financial predicament has led you to believe that debt settlement may be a viable option.
There are a few considerations, however, that need to be factored into your final decision regarding debt settlement, and probably the most critical of these is the availability of sufficient funds to follow through with the agreed-upon settlements with your creditors. You see, if its simply not realistic that youll be able to fund the negotiated settlements with your creditors, your choice has already been made for you, and debt settlement is not the solution for you.
When negotiations have been ongoing and a mutually agreeable settlement has finally been reached, youre expected to release funds to the creditor with whom you reached an agreement. Some creditors will accept the settlement amount over several...