As one of the country`s leading credit advisory firms, we offer many financial services to help consumers deal with financial problems such as debt management, bankruptcy, student credit and housing. Our highly qualified advisors are certified experts who help individuals and families find the best way out of debt. Legitimate comparison companies do not levy prepayments, which would be a violation of Federal Trade Commission rules.  The debt repayment process typically lasts three to four years. First, you need to deposit enough money into the billing account. Then the resolution company will have to negotiate several agreements with your various creditors, which can take a long time. For example, if a taxpayer has a debt of $10,000 and has $3,000 in assets, he cannot exclude more than $7,000 from the cancelled debt of his income tax. All debts incurred over $7,000 this year must be recorded as taxable income. Recourse potential – Although few creditors want to push borrowers into bankruptcy (and perhaps the protection of the state against all debts), there is always the possibility of taking legal action if the debt is not paid. In the debt repayment process, the debtor`s accounts remain late until an agreement is reached.
While debts are late, the creditor or assignee reserves the right to file an action against a debtor, but it is highly unlikely that this will be the case. In general, most creditors do not want to inflate court costs to recover money for a debt that they know will recover it anyway through the negotiation process, especially if the debtor cooperates with a credible debt negotiation company. A good debt trading company will offer some kind of legal protection insurance to protect its clients in the unlikely event of an action brought by a creditor. Debt settlement has been ineffective and success rates are very low. A recent study by the American Fair Credit Council found that clients pay only 43 percent of their accounts before the 36th month of the process.