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How  Debt  Relief Works
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How Debt Relief Works

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Published in: Economy & Finance, Business

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  • 1. How Debt Settlement Works
    The 5 Easy Steps of How Debt Settlement Works
  • 2. Step 1
    Work with a debt counselor to find the most affordable way to pay off unsecured debt accounts
    Gather all credit card and/or loan statements for interest rate and current fee review
    Let debt counselor assess the true payoff time if no assistance was needed
    If new program terms make sense, debt counselor will assist in completing the proper enrollment documentation needed
  • 3. Step 2
    A savings/escrow account will be open in the sole name of the client
    Money will be placed into this account on a monthly basis until enough money has been saved to payoff individual accounts
    Monthly statements will be sent to savings account owner every month just as a normal savings account would do
    Funds are FDIC insured
  • 4. Step 3
    Debt settlement company will negotiate on your behalf with each of your creditors
    Company will negotiate with your savings account only if a reasonable negotiation has been Agreed upon
    Negotiations are done in bulk. If you have a $10,000 credit card with Bank of America, the debt settlement company will most likely have over $3 Million in the debt portfolio that will all be negotiated in a bulk settlement
    Example:
    $ 3 million in debt X 60% savings = $1.2 million paid back
    Bulk Settlements = BEST DEAL!!!
  • 5. Step 4
    Continue putting money towards savings account until all cards in program have been negotiated
    Keep in contact with debt counselor for any updates
    Any creditor calls or paperwork should be forwarded to debt settlement company
  • 6. Step 5
    Graduate from the program
    Be more disciplined in credit card usage
    Stop robbing from Peter to pay Paul!
    And Finally……..
    BE DEBT FREE AND ENJOY LIFE!!!
  • 7. Some Quick Debt Facts
    In 2005, the United States of America had $700 billion in outstanding credit card debt… we now have more than $950 billion in credit card debt
    The average American had $10,000 in credit card debt as of 2004…today the average American has $16,605 in credit card debt
    If you had $15,000 in debt and were only making minimum payments, it would take you over 14 years to payoff this debt (to check for accuracy, CLICK HERE to calculate)
    The US has it’s all time record of Bankruptcy filings. As of 2009, we’re at 9% as a nation.
  • 8. Get Some Help!
    Call us to get a free assessment
    If debt settlement isn’t right for you, we offer other debt assistance programs as well
    Waiting will only allow your creditors to charge more interest and fees!
    Call 1-877-332-8650
    www.miracledebt.com