The American Residential Law Group
Summary
Websites
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Main Office
6245 N. Federal Hwy. #401
Fort Lauderdale, FL 33301
The debt settlement process will have an adverse effect on your credit, and once your debt has been settled, the credit bureaus will receive a letter stating that your debts have been paid off. At that point, you will need to rebuild your credit profile without the extra debt and stress that was holding you back before. Debt settlements usually take around 3 years to complete, and in many instances it could be even sooner than that.
Debt settlements are one of the least expensive processes to get you out of debt while still avoiding the permanent negative effects of a bankruptcy. With debt settlements, your debt remains your personal business and does not become public knowledge like in the case of a bankruptcy.
One of the most important benefits of debt settlements is that the payments can be flexible. Most options to get out of debt, such as consolidation loans, debt management programs, and even bankruptcy, require consistent monthly payments, and if one is missed, it can lead to you being kicked out of the program. With a debt settlement, though it’s not recommended, if it is necessary for you to skip a monthly payment, all that will happen is that you will likely add a month of payments to the end of the process. Settlement companies have no affiliation with any creditors, banks, or other lending institutions, which means that settlement companies are not in business to charge their clients interest or to keep you paying another company interest. Debt settlement agencies truly work for their clients benefit, not for the creditors which is why creditors sometimes do not want to approve the offers and why settlements are frowned upon by creditors.
