A relatively new industry, some consumers are mystified by the dynamics of debt negotiation. The purpose of this article is to break down the different factors that determine the effectiveness of a debt settlement program.
1. The importance of program length. In any debtor-credit scenario, a creditor is reserved the right to sue a debtor in court if they are not paying according to the terms stipulated. In the vast majority of cases, legal action is a last resort, and creditors prefer to settle the matter out of court because most statistics show that this is the most profitable way to deal with a past due account anyway. On the flip side, however, once a creditor feels that theyve exhausted every collection method possible, theyre left with no other choice but to pursue the debt in court. Therefore, the longer you take to settle a debt, the greater the likelihood that youll be the target of legal action by your creditors. Since this is the case, all debt settlement candidates should always try to eliminate the debt as quickly as possible. As a rule of thumb, being in a program for longer than 3 years is not advisable, although exceptions can be made depending on...
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