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You may need a significant amount of cash to settle your debt. Consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. Debt Settlement: A Guide for Negotiation - Investopedia investopedia.com articles debt-settlement investopedia.com articles debt-settlement

Some debt relief companies are scams, and even the legit ones are risky and expensive. Some creditors refuse to work with debt relief companies, and even when its successful, debt relief can do major harm to your credit and raise your income tax bill.

Real debt collectors are from reputable companies with websites and reviews, and you can contact them if necessary. Ask the caller for the debt collectors company name, address and phone number. If a scammer is on the other end, they might try to avoid your questions and insist that the debt needs to be resolved.

Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. Unless the debt settlement company settles all or most of your debts, the built-up penalties and fees on the unsettled debts may wipe out any savings the debt settlement company achieves on the debts it settles. What is a debt relief program and how do I know if I should use one? consumerfinance.gov ask-cfpb what-is-a consumerfinance.gov ask-cfpb what-is-a

ing to the American Fair Credit Council, the average settlement amount is 48% of the balance owed. So yes, if you owed a dollar, youd get out of debt for fifty cents. But the average amount of debt enrolled is $4,210 and the median amount is $25,250. 8 Facts about Debt Settlement: Know the Risks! | Consolidated Credit consolidatedcredit.org debt-solutions de consolidatedcredit.org debt-solutions de

Debt settlement companies charge a fee, generally 15-25% of the debt the company is settling. The American Fair Credit Council found that consumers enrolled in debt settlement ended up paying about 50% of what they initially owed on their debt, but they also paid fees that cut into their savings.

Completion rates vary between companies depending upon a number of factors, including client qualification requirements, quality of client services and the ability to meet client expectations regarding final settlement of their debts. Completion rates range from 35% to 60%, with the average around 45% to 50%. Debt Settlement Company Data Federal Trade Commission (.gov) files publiccomments Federal Trade Commission (.gov) files publiccomments PDF