For anyone who is servicing multiple debts, they can face many difficulties. With multiple monthly payments, it can be challenging to balance the budget and the outstanding loan balances.
And if it turns out wrong or your recovery agent starts harassing you for the repayment of the outstanding amounts, your credit score and ability to take another loan will be affected adversely.
When you are experiencing such a hassle and bustle in paying your numerous debts or loans, it may be time to consider debt settlement.
Debt settlement is a debt-repayment strategy where you negotiate with your creditors to accept a partial payment as full satisfaction for the debt. If the creditor agrees, you pay just a percentage of your outstanding balance, and the rest of the debt is canceled for good.
SingleDebt is a one-stop solution for you to be debt-free. With Singledebt, if you are considering paying back your loans, then a settlement can be arranged with your creditors on your current loans and debts.
Many people are familiar with debt consolidation when they are over their heads in debt, but the truth is that debts and loans can be negotiated. Even when the price or terms of something seem set in stone, getting a discount is often as easy as knowing whom to ask and how to ask for it. With our years of experience and relationship with creditors, we will be able to obtain the best discount.
When it comes in settling your multiple amounts, SingleDebt is the solution to ask for. SingleDebt is the No.1 debt counselling agency in India, that offer multiple debt-free solutions at affordable rates. Contact us today for more information.
Let’s take a look at the 3 benefits of debt settlement.
The biggest reason for people to opt for debt settlement is to avoid bankruptcy. Settling down your debts with your creditors, when done in a right manner, can help you avoid being bankruptcy and dealing with the consequences of bankruptcy.
However, debt settlement can affect your credit score. Whenever a lender decides to cancel a loan, he immediately informs CIBIL and other rating agencies. Though the loan transaction comes to an end in the form of settlement, it is still not a usual closure. Credit rating agencies hence describe the transaction as ‘settled’, making other lenders view it as negative credit behavior.
Settlement of debts with creditors can prevent many of them from being sent to collections or “charged off”, which means an agreement is made with the debt collector.
Debt settlement does not mean that it will miraculously end your financial problems, for a long term or for a short period. One of the best benefits is that it will stop all calls from creditors once an agreement has been reached and accepted.
Lowering your debt amount and helping you avoid bankruptcy are monetary benefits, albeit benefits with inherent risks. Stopping calls from creditors and collection agencies is a less tangible but equally significant benefit for some consumers feeling overwhelmed and harassed.
Your plan of action for repaying your debts will be reduced through debt settlement. In this case, you will pay off your debts in less time than you would normally have to spend paying them off. Debt settlement can sometimes be a daunting task to deal with creditors. It is not always fortunate to settle your debts. A debt counselor can help you with your debt settlement and debt collection.
As a debt settlement company that knows the benefits of debt settlement, SingleDebt makes sure no debtor is subjected to any kind of torture by the creditors. SingleDebt offers the best debt-counselling service in India.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. City Credit Management LLP is not liable for any decision arising out of the use of this information.