Debt Negotiation
Debt negotiation, also called debt arbitration, is the process of negotiating with a creditor to pay off your bills by reducing a portion of the balance that is owed on your unsecured debts. Debt negotiation can get you a lower payoff of your debt.
Debt negotiation can also help you significantly reduce the outstanding balance of a loan. The amount of unsecured debt is typically reduced by 30% to 60% over the course of 2 to 3 years. It can also help protect you from harassing calls from collection agencies and helps you repay at your own convenience.
You may need debt negotiation if you have:
- Credit card payments that are 60 days past due
- More than 2 credit cards with payments 30 days past due
- Installment loan payments that are 60 days past due
- More than 2 installment loan with payments 30 days past due
- Housing payments such as rent or mortgage that are 30 days past due
The types of accounts eligible for debt negotiation include credit cards, department store credit cards, unsecured personal loans, rent, utility bills and auto repossessions. Exclusions to debt negotiation include car payments, pay day accounts, military accounts, credit unions, mortgages, student loans, secured loans and income tax payments.
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