Credit Corp

FEBRUARY 20, 2025

If youre struggling to keep up with your monthly payments, you might be considering debt settlement. Negotiating a debt settlement is a strategy where you work with your creditors to pay less than the amount you actually owe. Below, we walk through how to negotiate a debt settlement step-by-step.

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Credit Corp

FEBRUARY 13, 2025

Debt settlement, also known as debt negotiation or debt resolution, means your creditors have agreed to accept less than the full amount you owe them. If youre considering working with a debt settlement company to negotiate or settle your debts , you should ask them some essential questions before signing up.

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Consumer Finance

APRIL 28, 2022

Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its allegations that Performance SLC, a student loan debt relief business, and Performance Settlement, a general debt-settlement company, along with their owner and CEO, Daniel Crenshaw, engaged in wrongful fee-charging practices and deceptive telemarketing.

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Collection Industry News

APRIL 22, 2023

The justices declined to intervene over a class-action settlement that could lead to the cancellation of more than 200,000 loans based on claims that colleges misled students. The Supreme Court in a brief order rejected a request made by colleges challenging the settlement. The colleges object to that characterization.

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Collection Industry News

APRIL 27, 2021

On April 13, the CFPB entered into a preliminary settlement with an online debt-settlement company for allegedly violating the CFPA’s prohibition on abusive acts or practices and failing to clearly and conspicuously disclose total cost under the Telemarketing Sales Rule. Source: site.

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Collection Industry News

JUNE 5, 2022

On May 26, 2022, the North Carolina Attorney General (NC AG) announced that it obtained a default judgment against a California-based debt settlement business, and its proprietor. The post North Carolina AG Permanently Enjoins Debt Settlement Business appeared first on Collection Industry News. Source: site.

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Titan Consulting

SEPTEMBER 15, 2020

Bankruptcy can wipe out unsecured bills, leaving creditors with no way to recover the debt. Therefore, creditors of unsecured debt are often willing to accept less than the full balance owed if you are unable to pay off the balance in full. When Should You Consider a Debt Settlement Program ? How to Negotiate Your Debt?

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Credit Corp

MARCH 16, 2021

You have a habit of exhausting your credit limit quickly Whenever you are short of cash, you tend to take out a high-interest loan. You got married or had a sudden medical emergency for which your debt went out of your control. How to Control Your Debt Yourself. What kind of debts do you have? Opt for Debt Settlement.

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Better Credit Blog

FEBRUARY 11, 2022

Rated the best debt relief company on Trustpilot. A Guide to Debt Settlement Services. If you’re on the brink of bankruptcy, a final option before filing is to try the services of a debt settlement firm. As Experian notes , “Debt settlement is a risky process with no guarantee of success.”.

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Better Credit Blog

AUGUST 9, 2021

Even just one outstanding debt is a headache that can drag down your credit rating and make it tough to get a loan for a home or a car. Having several outstanding loans is even worse, as it can be difficult to keep track of payments and due dates, which makes it easier to miss a payment and thus damage your score even further.

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Better Credit Blog

AUGUST 9, 2021

Even just one outstanding debt is a headache that can drag down your credit rating and make it tough to get a loan for a home or a car. Having several outstanding loans is even worse, as it can be difficult to keep track of payments and due dates, which makes it easier to miss a payment and thus damage your score even further.

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Credit Corp

AUGUST 24, 2021

This might include options such as budgeting, debt settlement, consolidation loans, or debt management programs. If you work with your credit counselor to set up a debt management plan (DMP), you will make a monthly payment to your credit counselor who will pay your creditors on your behalf. Debt settlement.

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Collection Industry News

MAY 16, 2022

According to the complaint, the defendants, a student loan debt relief business and a general debt-settlement company, along with their owner and CEO charged illegal upfront fees and deceived customers into paying for debt relief services in violation of the Consumer Financial Protection Act (CFPA) and Telemarking Sales Rule (TSR).

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Better Credit Blog

APRIL 11, 2022

Debt is the amount of money you owe to a lender or creditor. Some examples of debt are mortgages, credit card dues, and personal loans. Although accruing lots of debt isn’t ideal, it may sometimes be unavoidable, such as mortgage payments or student loans. What Are the Strategies to Get Out of Debt?

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Titan Consulting

AUGUST 23, 2020

Filers can typically retain the home and vehicle as long as you make payments on the loan. Bankruptcy does not generally discharge debts associated with child support, alimony, tax obligations, or student loan debt. Federally managed student loans received an automatic six-month payment waiver.

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Sawin & Shea

AUGUST 24, 2020

Whether or not you file for bankruptcy also depends on the kind of debt you have. Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt.

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Debt Free Colorado

APRIL 9, 2020

So far the offers have been vague, the most likely concessions will be for your lenders on your home and cars to allow you to move a monthly payment to the end of the loan and for credit cards to temporarily reduce your interest rate. There are more tools for dealing with your mortgage than any other type of loan. Student Loans.

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Better Credit Blog

MAY 4, 2022

You can even lower the total amount you have to repay if your debt consolidation method offers a lower interest rate. There are several ways to consolidate debts. In this guide, we’ll walk you through your options and show you how debt consolidation could simplify your repayments and save you money. Monthly Payment.

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Sawin & Shea

FEBRUARY 2, 2022

Also know that there is no legal protection from creditors in a debt management plan. Debt Settlement. Debt settlement is an option, but it should be the thing you consider last because it generally requires you to default with your creditors first. Consolidation Loans. Credit Balance Transfers.

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Troutman Sanders

JANUARY 20, 2022

On January 13, a coalition of 39 state attorneys general — led by AGs from Pennsylvania, Washington, Illinois, Massachusetts, and California — reached a settlement with student loan servicer Navient over allegedly unfair, deceptive, and abusive student loan origination and servicing practices.

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Credit Corp

DECEMBER 3, 2024

When youre late on payments or stop making payments on a loan, the lender can repossess or repo the item youre financing to settle your debt. Consider debt settlement Step 6. They take possession and use the item to settle your loan debts. Table of contents: Step 1: Understand What Repossession is Step 2.

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Credit Corp

FEBRUARY 9, 2024

Debt relief won’t hurt your credit alone. Debt relief and debt settlement options don’t hurt your credit score on their own. These programs aim to help reduce your debt and if that debt is revolving credit, it can reduce your credit utilization and improve your credit.

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Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. This scenario underscores the pressing need for resilient and adaptable strategies in managing loan portfolios. Several member nations of the European Union have adopted this approach.

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Credit Corp

JANUARY 21, 2021

Forbearance means the creditor agrees you don’t have to pay the loan for a certain period of time. That person might also be able to advise you about other options, including debt settlement, if you do owe any money. During that time, you won’t be penalized by having the account reported as late.

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Credit Corp

JUNE 1, 2021

Established credit history can impact everything from getting a future loan (such as a mortgage) to renting an apartment. Monthly expenses might include student loan payments, car payments, and credit card payments. Pay Student Loan Debt. Even in bankruptcy, student loan debt cannot get discharged; it must get paid.

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Nexa Collect

JULY 1, 2020

Individuals, like you or I, have a credit history which determines our eligibility for home and car loans, ability to rent an apartment, obtain insurance, find a job and even maintain long-term romantic relationships. Two well known, and dreaded, causes of a falling credit score are bankruptcy and entering debt relief programs.

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Collection Industry News

APRIL 13, 2024

These plans typically run for three to five years, allowing you to pay off your debt completely during that timeframe. Pay it off with a debt consolidation loan A debt consolidation loan from a bank, credit union or online lender may also be worth considering.

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Credit Corp

JANUARY 9, 2025

Table of Contents: Create a Budget Try the Debt Snowball Method Use the Avalanche Method Get a Balance Transfer Card Build Your Emergency Fund Negotiate a Debt Settlement Start Using Cash Increase Your Income Take Out a Debt Consolidation Loan 1. Then, you only have to make your monthly loan payments.

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Debt Guru

AUGUST 30, 2021

There are two forms of bankruptcy: Chapter 7 bankruptcy is when you go to court and ask that all of your outstanding debt is discharged. It is ideal for those who seek to do away with their unsecured debt such as credit card debt, medical bills, and unsecured loans. Debt Settlement.

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Better Credit Blog

JANUARY 20, 2022

It was for a PMSI loan for an outdoor wood burning furnace. I had to make my own payment arrangements with the debt collector so that we could keep our furnace. I also have solar panels with FDR; fortunately for me that is an unsecured loan, so they can help with that one.” – Laura Whipple, 4-star review, TrustPilot.

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Better Credit Blog

APRIL 6, 2022

We break this down in our article: “ What Exactly is Credit Repair & How it Works,” but the short answer is that credit repair is the process of reviewing, disputing, and negotiating negative items on your credit report that may negatively impact the credit risk tier you’re in and the loans and interest rates you qualify for.

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Credit Corp

JULY 10, 2023

Start by gathering all your financial statements and creating a comprehensive list of your debts. This includes credit card balances, student loans, medical bills, and other outstanding obligations. Step 3: Avoid Any New Debts It might sound obvious but avoiding new debts can help greatly.

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Debt Guru

JANUARY 27, 2021

What types of debts can I lump together in a DMP? Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP. Secured debts, like your mortgage or car payments, aren’t covered. Student loans aren’t covered, either. What are other options to help me get out of debt?

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Credit Corp

MAY 1, 2024

Credit card debt forgiveness, also known as debt settlement, involves negotiating with creditors to reduce the amount owed on your credit card balances. It’s crucial to fully understand the terms and consequences before pursuing debt forgiveness and to explore other options such as debt management or consolidation.

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Troutman Sanders

FEBRUARY 21, 2024

On February 15, the CFPB published a blog recounting its action against a student loan debt relief business and a debt-settlement company. The CFPB alleged that the defendants charged thousands of consumers with federal student loans approximately $9.2 For more information, click here.

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Credit Corp

AUGUST 8, 2024

Cosigners can take the primary borrower to court if the primary borrower fails to repay the loan or otherwise fails to fulfill the terms of their agreement. As you learn about getting a cosigner, you’ll see that they can help you get a loan you may not otherwise qualify for. When Could a Cosigner Take You to Court?

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Collection Industry News

MAY 3, 2022

– Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its allegations that Performance SLC, a student loan debt relief business, and Performance Settlement, a general debt-settlement company, along with their owner and CEO, Daniel Crenshaw, engaged in wrongful fee-charging practices and deceptive telemarketing.

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