What Happens During Debt Settlement
What Happens During Debt Settlement
var _sf_startpt=(new Date()).getTime()
var base_url = ‘http://www.articlesbase.com/’;var base_images_url = ‘http://images.articlesbase.com/’;var loading_icon = ‘http://images.articlesbase.com/point-loader.gif’;var loading_wide = ‘http://images.articlesbase.com/loadingAnimation.gif’;var loading_large = ‘http://images.articlesbase.com/ajax-loader-2.gif’;var loading_arrows = ‘http://images.articlesbase.com/loading_arrows.gif’;var loading_dots = ‘http://images.articlesbase.com/dots-horizontal.gif’;var captcha_url = ‘/trigger/captcha/’;
var str_qa_type_your_question = escape(“Ask our experts your Personal Finance related questions here…”); var int_question_title_max_length = 200;
GS_googleAddAdSenseService(“ca-pub-5157679868954075″);
GS_googleEnableAllServices();
GA_googleAddAttr(“Category”, “Finance”);
GA_googleAddSlot(“ca-pub-5157679868954075″, “Article_Bottom”);
GA_googleAddSlot(“ca-pub-5157679868954075″, “Article_Left2″);
GA_googleFetchAds();
function fbLogin(backlink){
if (backlink == null || backlink == ”){
backlink = ”;
} else {
backlink = ‘&backlink=’+encodeURIComponent(backlink);
}
FB.init({appId: ‘d4f0261b49c9a6e9ef675169020100ae’, status: true, cookie: true, xfbml: true});
FB.login(function(response){
if (response.session){
if (response.perms){
// user is logged in and granted some permissions. perms is a comma separated list of granted permissions
window.location = ‘/auth/connect?status=success’+backlink;
} else {
window.location = ‘/auth/connect?status=permissions_error’+backlink; // user is logged in, but did not grant any permissions
}
} else {
window.location = ‘/auth/connect?status=not_logged’+backlink; // user is not logged in in facebook
}
}, {perms:’email,publish_stream,offline_access’});
}
function fbInit(){
FB.init({appId: ‘d4f0261b49c9a6e9ef675169020100ae’, status: true, cookie: true, xfbml: true});
}
var _gaq = _gaq || [];
_gaq.push(['_setAccount', 'UA-318473-1']);
_gaq.push(['_setCustomVar', 2, 'Category', 'Finance', 3],
['_setCustomVar', 3, 'SubCategory', 'Personal Finance', 3],
['_setCustomVar', 4, 'PenNameId', 874534, 3],
['_setCustomVar', 5, 'PublishDate', '2011-06', 3],
['_trackPageview']);
_gaq.push(['_trackPageLoadTime']);
(function() {
var ga = document.createElement(’script’); ga.type = ‘text/javascript’; ga.async = true;
ga.src = (‘https:’ == document.location.protocol ? ‘https://ssl’ : ‘http://www’) + ‘.google-analytics.com/ga.js’;
var s = document.getElementsByTagName(’script’)[0]; s.parentNode.insertBefore(ga, s);
})();
Free Online Articles Directory
Why Submit Articles?
Top Authors
Top Articles
FAQ
ABAnswers
function show_login_box() {
// move banner patch
if($(‘.static_pg_right_col’).length > 0 && $.browser.msie ) {
var ie_version = parseInt($.browser.version);
if(ie_version
Login
if($.cookie(“screen_name”)) {
$(‘#logged_in_true li span’).html($.cookie(“screen_name”).replace(/+/g,’ ‘));
$(‘#logged_in_true’).css(‘display’, ‘block’);
$(‘#top-authors-tab’).css(‘display’, ‘none’);
} else {
$(‘#logged_in_false’).css(‘display’, ‘block’);
}
Email
Password
Remember me?
Lost Password?
Home Page > Finance > Personal Finance > What Happens During Debt Settlement
What Happens During Debt Settlement
Posted: Jun 17, 2011 |Comments: 0
|
var addthis_config = { “data_track_clickback”:true, ui_language: “en” }
google_ad_channel = AB_cat_channel + AB_unit_channel;
google_language = “en”;
It can be referred to in several ways such as debt reduction, debt negotiation or debt arbitration. Debt settlement is a process that is usually initiated by the borrower. In this situation, the borrower is unable to pay off his debts. In an effort to lower the total cost of the debt and make it easier to pay off, the borrower can request for a debt settlement. The lender and the borrower agree on an amount that is lower than the current total amount of the loan. Based on the lower amount, the borrower will then pay off the total debt by making small monthly payments. How much will be paid each month will also depend upon the agreement of the lender and the borrower. The agreement does not only cover the new amount of the loan, it also includes the payment arrangements. In many cases, the lender will allow the borrower to spread out the payment through a given number of monthly payments. In some cases, the lender willingly agrees to lessen the total loan amount in exchange for a lump sum settlement of the full debt. Either way, both parties benefit from the agreement. The lender gets his money and the borrower ends up being accountable for a much lower cost.
In many instances, a third party is called in to help with the agreement. Debt settlement involves technicalities and legalese that many ordinary people may not be familiar with. For this reason, borrowers often seek the help of a lawyer to help them with the terms of the debt settlement. The lawyer is there to make sure that there is no fine print in the agreement which will put the borrower on the losing end. In addition, the borrower wants to make sure that there are no hidden fees or costs put into the agreement. Unfortunately, some people have chosen to get a loan from less than reputable companies. They have fallen victim to high fees that were hidden from them when they first signed the loan contract. Having wizened up, they now ask for professional advice before signing another contract.
The lender may also choose to have a lawyer present during the debt settlement process. Their goal is to make sure that the borrower agrees and understands the debt settlement that they are agreeing to. Since the borrower already has a history of not paying off his debt, the lender wants to protect his interests as well. The lender wants to make sure that the borrower will be able to comply with the new payment schedule that has been agreed upon. If the borrower succeeds in doing this, then the debt will be settled without any further untoward incidents.
-
About the Author:
Active Web Group’s mission as a full-service web marketing firm is to provide any size business the opportunity to leverage and utilize the power of the Internet as a marketing tool to expand their business. www.activewebgroup.com
Article Source
Leave a Reply