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Debt Settlement

How it works & What you need to know.

What is Debt Settlement?

Debt settlement is a process where a borrower negotiates with their creditors to pay off a portion of their outstanding debt in a lump sum payment or a series of payments. This typically involves working with a debt settlement company or attorney who will negotiate on behalf of the borrower to try to reach an agreement with the creditors.

The goal of debt settlement is to reduce the total amount owed and to make it more manageable for the borrower to pay off their debts. Debt settlement can be a more affordable alternative to bankruptcy and can help individuals become debt-free in a shorter amount of time.

Reduce Total Debt

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By settling your debts, you can reduce the amount you owe and pay off your debts for a lower amount than the original balance.

By settling your debts, you can reduce the amount you owe and pay off your debts for a lower amount than the original balance.

Avoid Bankruptcy

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Debt settlement can help you avoid filing for bankruptcy, which can have long-lasting negative impacts on your credit score and financial well-being.

Debt settlement can help you avoid filing for bankruptcy, which can have long-lasting negative impacts on your credit score and financial well-being.

Improve Credit Score

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While debt settlement may have a short-term impact on your credit score, making payments on time and consistently can help improve it in the long run.

While debt settlement may have a short-term impact on your credit score, making payments on time and consistently can help improve it in the long run.

Flexible Payment Options

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Debt settlement companies offer flexible payment options that can work with your financial situation and budget, helping you get back on track and regain control of your finances.

Debt settlement companies offer flexible payment options that can work with your financial situation and budget, helping you get back on track and regain control of your finances.

Why A Debt Settlement Program?

Debt settlement can be an attractive option for individuals who are struggling to pay off their debts and are looking for a way to reduce the total amount owed. It can provide more flexibility in terms of payment options, making it easier for individuals to work with their financial situation and budget.

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FAQs

Will debt settlement stop creditors from calling me?

Yes, debt settlement can stop creditors from calling you once an agreement has been reached. However, it's important to note that collection calls may continue until an agreement has been finalized.

Does a program like this impact my credit score?

Yes, debt settlement can have a negative impact on credit scores, as creditors may report settled accounts as "partial payments" or "charge-offs." However, making payments on time and consistently can help improve credit scores over time.

How long does the process take?

The debt settlement process can take anywhere from several months to a few years, depending on the amount of debt owed and the negotiations with creditors.

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Something’s got you considering a debt settlement program: whether the goal is to lower your payments or stop creditors from calling.

A home sale-leaseback can help convert your home equity into a lump sum to begin the process of debt settlement.

Request More Info 

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Do I Qualify?

Let us help you plan a brighter tomorrow!

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Angela M.
Fort Worth, TX Resident

I don't know where I would be had it not been for Stay Frank's program. When everyone was saying no, sorry, can't help; Stay Frank. said no problem. The staff is phenomenal! They answered all of my questions. Thank you!

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Mark V.
Phoenix, Arizona Resident

I am doing much better now that I found this opportunity to be able to get ahead in my situation and still stay in my home. I am on disability and do not have many options to help me with my mortgage needs. Andrew and Stephanie were very helpful and took the time to walk me through the process. I am grateful for the opportunity to participate with the team at Stay Frank. Thank you for everything.