What amount can you settle my debt for?

On May 16, 2011, in Debt settlement, by Robbie L. Vaughn, Esq.

Clients often ask: “What amount can you settle my debt for?”

Our answer is almost always: “It depends on several factors.”

These factors include:

  • the creditor
  • the type of debt
  • the age of the debt
  • how many times the debt has been transferred
  • the hardship claimed
  • how the settlement will be paid out

Secured debts (i.e. mortgages, car loans) are much harder to settle than unsecured debts (i.e. credit cards, medical bills). Some debts can be settled for as little as 10%. However, there are creditors that insist on having a much higher percentage of the debt paid back. The creditor starts high, we start low. We never know exactly where the negotiations will end. Creditors have their target settlement amount, and we have ours.

So, no one can guarantee you that they will settle your debts for a sum certain. Be wary of any company that guarantees they will save you a bunch of money. We have numerous clients who have paid at least double our fee to a debt settlement company before coming to us. Many of these companies failed to deliver any results at all, or produced dismal results at best. What’s even more shocking is that none of the individuals understood the agreements they signed. They had no idea where their money was going!

If you choose to hire someone to settle your debts, please choose wisely!

Vaughn & Weber, PLLC  proudly negotiates and settles debts for residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, and Manhattan.

Call (516) 858-2620 to arrange a FREE  consultation with a Debt Settlement attorney!

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. This website is Attorney Advertising. It does not form an attorney-client relationship. We are a debt relief agency and a law firm that helps people file for bankruptcy relief under the U.S. Bankruptcy Code – Title 11. Prior results do not guarantee a similar outcome. Proudly assisting residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, Manhattan