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Being burdened by debt can leave you feeling spent, especially when a change in life circumstances makes it impossible to make payments. When you enroll in the SPENT Debt Settlement Program, you have the advantage of working with trustworthy consumer protection and debt defense attorneys for a more personalized approach than you’ll find with other law firms.

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What is Debt Settlement?

Debt settlement, also known as debt settlement, is the process of negotiating with your creditors outside of court to repay your debts for less than the amount you owe. In most cases, we are able to reach settlements that are considerably lower than the actual amount owed. You typically have three options when it comes to lowering your debt burden:

This option is often impossible for individuals seeking debt settlement. Making the minimum payments does not work as it will take years to pay all of your debts and your interest increases are higher than your payments so your balance actually grows. If this option is available to you, it is best to pay off your balances so your credit rating stays the same or even grows. But be careful, paying only the minimum payments can sometimes hurt your rating.

This is where we come in. We negotiate with your creditors to reduce your debts. This creates a win-win because you pay a lower balance and your creditor gets to recoup some of their funds. When you enroll in the SPENT Debt Settlement Program, you stop paying your creditors immediately. Since you are not making payments, you credit score will take a hit but your credit rating will recover in time after you pay your creditors the negotiated amount.

If you are eligible for bankruptcy, filing will remove your entire debt burden. Since you pay nothing and the creditor gets nothing, this method has the biggest negative impact on your credit rating for the longest amount of time.

What are the Benefits to Debt Settlement?

It’s An Alternative to Bankruptcy

One of the main benefits of debt settlement over bankruptcy is the lasting impact on credit reports. A bankruptcy entry lasts for 10 years, which can affect future loan, credit card, and job applications. With debt settlement, depending on how long it takes to pay off your debt, your credit rating will recover much faster than with pursuing traditional bankruptcy.

Settlement from Overwhelming Debt

Debt settlement helps alleviate the burden if you have fallen behind on payments. Once you enroll in the SPENT Debt Settlement Program, we represent you and we will negotiate with your creditors to reduce the amount that you owe.

Repay Debts Faster

As we negotiate your debts with your creditors, you should expect payment plans lasting between 2-4 years. This is considerably less than if you decided to pay your debts off on your own.

How Does Debt Settlement Work?

Settling your debt requires you to pay your creditors an amount that is less than what you owe. Once you make the payment(s), the remaining balance is removed. You will get the best deal if you have enough money in your trust account for a lump sum payment, however, it is still common to receive significant discounts on payment plans.

The SPENT Debt Settlement Program

Step One: Enroll in our Program

Call us at (855) 332-8457 or fill out our form to speak with a debt specialist for a free consultation. With your approval, your debt specialist will review your finances and credit history to make sure you are eligible for the SPENT Debt Settlement Program. Once you qualify for the program, we will complete your enrollment. As part of your enrollment, you will immediately stop paying your creditors.

Step Two: Build Your Savings

You and your debt specialist will design a monthly payment plan that fits within your budget. Your monthly payments will be deposited from your bank account into an FDIC insured savings account. This is your account and will be opened in your name during enrollment meaning you have complete control of your funds at all times.

Step Three: Credit Communications

Now that you are enrolled in the SPENT Debt Settlement Program, our legal team will reach out to your creditors one by one asking them to immediately stop contacting you. Moving forward, we’ll notify the creditors that all future communications will be handled by SPENT Law Group.

Step Four: Debt Reduction

Once you have saved sufficient funds in your trust account, we will begin negotiations with your creditors to reduce your balances. We will notify you every time a settlement agreement is reached. There is no guarantee for how much your debt will be reduced, but we typically see reductions of 40-60% of the original debt amount.

Step Five: Graduation

Once you approve an offer from your creditor, SPENT Law Group will transfer funds from your trust account to your creditors to satisfy the debt. We will continue to do so until all of your enrolled debt has been reduced and paid off. And then….you graduate!

Types of Debt That Qualify for Debt Settlement

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