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Debt negotiation is the process of negotiating with a creditor to pay off a
percentage of the balance owing. We use various negotiation strategies to get
you the best results. Knockout Debt employs licensed and trained
debt negotiators to negotiate on your behalf with your creditors and may reduce
your balances by an average of 40-60%.
Our debt negotiation program typically takes up to 36 months for the debt to be
settled. If need be, we will wait until the creditor makes the decision to
agree to negotiate. Our first step is to qualify you for our debt negotiation
program. You will be assigned a personal debt consultant whose job is to tailor
a debt program to meet your specific budget. It is based on your hardship,
ability to borrow or reserve funds, creditors, state, and other factors.
Creditors are aware that approximately 30% of the 1.6 million bankruptcies filed
last year occurred on debt that was current. Yes, current. Many people survive
by borrowing from one creditor to pay another – often called ‘Robbing Peter to
Pay Paul’. Eventually they run out of available credit lines and get stuck.
When a consumer filed bankruptcy, the creditor receives nothing at all. A
creditor is often better suited negotiating an agreeable settlement. We only
work with clients that have legitimate financial hardships who could pursue
bankruptcy, if pushed too far. Our negotiators know how to get you the best
savings.
One of our initial debt negotiation strategies is to contact all of your
applicable creditors. We inform them that our debt negotiation company now
represents you and that all correspondence should go through us. One of our
most important services is to minimize or eliminate those harassing creditor
calls. First party creditors can still contact you legally, but most comply
with our wishes. Third party collectors, like collection agencies, must stop by
law. Of course we cannot physically force an unscrupulous collector to comply.
Our company also utilizes other debt negotiation strategies to slow calls while
you are enrolled in our program.
Our ultimate goal is to finalize negotiations with creditors, collection
agencies, or attorneys who represent your creditor. While enrolled, you make a
single payment each month into an account that you control. As the funds
accumulate in this settlement account, we will negotiate settlements with your
creditors. Our debt negotiation strategies, if successful, will enable you to
escape debt at a fraction of the cost. Once we obtain a settlement, you pay it
directly to the creditor. We never handle these funds. You will have the chance
to approve or reject all settlement offers for each creditor and will receive a
copy of final offers for your records. Once paid, your debt to the creditor is
considered Settled in Full or something to that effect. You will no longer owe
the creditor anything. We handle each creditor one at a time until you are debt
free.
Click here
for a free debt consultation from The Debt Reduction Group.
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