Remember all of those papers that you had to sign to become a proud credit card holder. Did you actually read them? You probably did not, just like thousands of others. What you signed was a legal agreement for an unsecured line of credit. This line of credit has terms of repayment, fee, penalties, and non-payment remedies included in it. This document can be held up in court, to show that you were a willing participant to accept the line of credit. For those of you in debt, the above stated does not offer you any comfort. Most of you in debt are all too aware of this contract. The phone collectors have been reminding you of it with every call. They have even started to threaten legal action.
There is a legal hope for you.
Debt settlement negotiation is a legal way out of debt. Simply not paying your creditors is not an option. That is theft. You have every legal right to enter into negotiations to redefine the terms and conditions of your loan. This offer, counter offer, and hopeful acceptance create a new legally binding document that both parties can agree to. Many people mistakenly think that the credit card companies already have one agreement, so why would they settle for something that is less profitable?
The answer is simply that they want to be paid. They know that if you are trying to renegotiate your loans that you are under financial distress. This means that they are more likely to accept your offers, than risk not being paid due to bankruptcy. Your offer letter to them is a legal document that they can choose to accept or reject. Even if they reject it, you can still make a counter offer.
When you enter into negotiations using a debt settlement service, they work to protect your legal rights. They work to stop collection calls and legal action against you. This gives you some breathing room while they work out a new legal settlement for your debts.
By the way, by researching and comparing the best debt settlement services [http://www.bestdebtsettlementservices.com] in the market, you will be able to determine the one that meets your specific financial situation. Nonetheless, it is advisable going with a trusted and reputable debt counselor before making any decision, this way you will save time through specialized advise coming from a seasoned debt advisor and money by getting better results in a shorter span of time.