Creditors Perspective
Credit card companies are typically open to debt settlement because they understand they cannot recover any money if you file bankruptcy. When creditors reach an agreement with debt settlement companies, they are guaranteed to get paid, even if it's only a portion of the original debt.
Creditors oftentimes initially resist the process because they understandably hope to recover the full amount of your debt. This is why legitimate financial hardship is a key to successful debt settlement. Once your creditors understand that they cannot recover the full debt amount because of your dire financial situation, they will often accept a lower amount in full satisfaction of your obligation. Creditors understand they risk recovering nothing if you turn to bankruptcy.
Debt settlement is an established process, and one in which most creditors participate because they simply want to get paid.
Overall, we believe letting Debt Shield serve as your debt settlement company is a “win-win” situation when dealing with a mountain of unmanageable debt.
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