Debt Settlement

One of the most popular options, and in many cases a more effective one, is debt settlement. You may be asking yourself the question, how does debt settlement work? or, what is debt settlement? Here is how debt settlement companies work: debt settlement companies show consumers how to settle credit card debt with the process of negotiating credit card debt with creditors in order to receive a discounted balance that is then, once agreed upon, paid in full. Our process takes a few of the strengths of typical debt settlement procedures and combines them with additional protection through the Asset Guard™ and accelerated, superior results through the validation process, all while eliminating income tax consequences. All without stressful monthly credit card payments.  Most Settlement companies use the following procedures: (and is more or less rush and roulette with your feelings and assets. Maybe it should be called debt settlement Las Vegas)


Debt Settlement Companies

• The creditors are notified that you are working with a negotiation firm
• You begin paying a monthly amount into a trust account
• The negotiator takes fees from this account monthly. This account is also used for settlement payoffs. You will sustain credit damage as you are paying into the settlement account instead of paying any creditors.
• The negotiator begins the process of negotiation and eventually reaches a settlement with the creditor at which time must be paid in full using the trust account
• If settlement is not reached, as creditors do not have to settle, the creditor may pursue lawsuits and judgment, among other options, and the settlement company provides no protections for this, as it is not part of their service.
• Settlement companies typically claim as much as a 50% reduction in total unsecured debt. This is not guaranteed however.
• Come tax time, you receive a 1099-C with the amount "forgiven" by the creditor to be considered income (since they took a loss, you take in increase. Like they paid you to pay them). This burden alone can be considerable. You now have to pay taxes on money you never saw.
• Provide no assistance for secured debts.  If you cannot pay for homes or property but owe more than it is worth, you have no options with settlement companies. They work only with unsecured debts.

Plan B Solution

• You change your address and phone number to allow us to manage your communications; this is done in such way to build your position as we track communications that can be considered harassment under the law.
• You PAY NOTHING to the creditors or any special account while in the process (aside from the Privacy Protector maintenance cost, which is minimal and affords mail and telephone communication management) You have the freedom to decide how much you want to save for potential settlements; in essence, you decide how much to pay. You will likely sustain credit damage although, under the law, you will be able to implement credit repair pursuant to the fair credit-reporting Act as the accounts are considered in dispute.
• The Asset Guard is put in place to protect bank accounts, assets, equity, etc. while discouraging creditor pursuit of judgments, as they are rendered noncollectable.
• The debt validation process begins in full swing with debt validation letters requiring all creditors to comply with the full extent of the law (i.e. FCRA, FDCPA, etc.). This improves your positioning for settlement possibilities.
• Typical settlements have been reached at 10% or less in most cases (on unsecured debts).
• You are protected from a credit card debt lawsuit, wage garnishments and judgments in most cases and provided with additional protection via our prepared case material in the event this occurs, not left to fend for yourself or to hire an expensive attorney who knows little about the extent of your protection possibilities, which is the case with settlement companies.
• As a consultancy, we assist you with various services including communication support, prepared case material and guidance in negotiations. We therefore do not carry a guarantee as to the settlement amounts as this largely depends on your willingness to carry through with the process. We do however carry a full Satisfaction Guarantee on the specific services we provide in assisting you achieve your financial goals. If you are not completely satisfied with the performance of the services rendered, we will rectify the situation to your liking or refund any fees associated. We are committed to your satisfaction in understanding your rights and possibilities. We are committed to provide a world-class debt relief service and personal attention and understand that it is in our best interest that your experience exceeds expectations, as you are our best advertisement.
• Our process allows you to contest any income tax burden according to the level of compliance shown by the creditor (which is typically minimal), effectively eliminating the tax burden.
• Our process provides relationships and solutions for secured debts such as mortgage foreclosure deficiencies (situations where you owe more than the home is worth but are trying to get out from underneath it), vehicle repossession deficiencies, etc.  You have the unsecured and secured solution at your fingertips and you wont be gambling with your future. (ie. this is NOT a debt settlement Las Vegas company)

The settlement company's focus is settlement, which is only a solution for part of the problem. Credit repair, lawsuit protection, secured debt assistance (mortgages and vehicle loans) and other important pieces are left out, leaving you to find alternative solutions that may or may not synchronize with your previous efforts, all while costing your considerably more.

Again, The Plan B Solution affords you asset protection, payment elimination, superb negotiation capability and results, credit repair and shows you how to settle credit card debt and much much more. Compare that to credit card debt settlement or credit card debt negotiation and you decide…

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