About Debt Settlement:
Debt Settlement can be used as an efficient and economical tool to settle your debts – without the added costs of expensive monthly debt management fees.
Debt Settlement is the process by which creditors accept a lump sum payment and in return offer you a discount on the total amount that is owed. This then clears or settles the debt.
An agreement from a creditor or creditors of a reduced lump sum payment that settles the outstanding debt is not available via typical debt management plans.
Similarly, there is no need to enter into an IVA (Individual Voluntary Arrangements) when you embark upon a debt settlement plan with Settle-My-Debt.
Unlike an IVA, debt settlement solutions can be flexible. Payments can increase or decrease according to your circumstances. This means that when life changes, your debt settlement plan changes with you. We all experience life’s dramas: cars breakdown, boilers need replacing – perhaps you even find yourself out of work – whatever life throws at you, rest assured that you can change what you pay into your debt settlement plan by a positive or negative amount, dependent on your financial situation.
At Settle-My-Debt our aim is to ensure that you can be debt free efficiently and economically. We only get paid when we have negotiated a successful reduction in your debt. If we can’t save you money, we don’t get paid.
How does Settle-My-Debt work?
During the Debt Settlement process, we will seek to negotiate with your creditors on your behalf. We aim to obtain a discount of 45%* on your debt, without adding costly monthly fees associated with Debt Management plans. We only get paid on the results we achieve for our clients, when we have successfully set up a negotiated plan which works for both you and your creditors. We also aim to freeze all interest and charges on your account(s) for as long as you are committed to the debt settlement process and continue with your scheduled payments.
Is Debt Settlement suitable for me?
Debt Settlement may not be suitable for everyone. At Settle-My-Debt we pride ourselves on our free debt advice – and the best way to find out if your individual financial situation could benefit from a debt settlement solution is to call one of our fully trained and friendly advisors. They will spend time with you and make sure that they fully detail and discuss all of the debt solution options that are available to you, dependent on your personal and financial circumstances.
We ensure that all of our staff members are as committed to our client’s best interests as we are – which is why we can offer an excellent service. Settle-My-Debt aims to ensure that the debt solution we provide is the best fit for your needs.
When you embark on any debt solution, including debt settlement, it is important to know that your credit rating will be affected. Our advisors will ensure that you are fully aware of all of the information relating to credit scoring and credit files when you call us to talk through your personal situation.
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What are the Timescales and Fees?
Our average clients who commit to a debt settlement plan and keep to their payment schedule will settle their debt in 36 months.* (asterix: *Does not include any non-declared debts at the time of setting up a debt settlement plan or other debt solution)
We guarantee that if we cannot save you money on your debt, we will not charge you. In addition, if after 12 months you are not completely satisfied with our service,we will refund the last 9 months of payments back to you – without charge.
Clients of Settle-My-Debt can rest assured that we only take a fee when we make a settlement that saves you money.
We only charge an administration fee for setting up your plan which is equivalent to the first 2 months of your payments – or £300 – whichever is greater. This is very common, as the costs in setting up the plan over the first 8 weeks can be high.
Remember that with a debt settlement plan there are no monthly fees associated with debt management plans.