subject: Debt Settlement Act 2010 - Why Unsecured Debt Is Always Negotiable [print this page] Debt Settlement Act 2010 - Why Unsecured Debt Is Always Negotiable
Good news is that the debt settlement act of 2010 is in place and this means that the consumers in debt can now make use of the law and eliminate certain percentage of the debt that they have. This act is today helping thousands of consumers to get out of their debts. One thing that most of the consumers are unaware of the fact that unsecured debt is always negotiable and the creditors are using this ignorance for their benefit. The question that arises is that why is unsecured debt always negotiable? There are several reasons for this. These reasons are explained below:
First thing that you must notice is that the government can come up with debt settlement act! This means that settlement negotiation is approved by government and hence, you can always negotiate your debt.
The next thing that you must know is that the creditors who provide unsecured loans have actually several hidden charges which the creditors apply on the credit that they are forwarding. This means that when you are actually taking a loan there are certain information which are kept hidden from you. This is unfair and unethical trade which is not right. You have every right to avoid these charges and you can always negotiate not to pay the creditor. The creditor will obviously make sure that they do everything to get that money out from your pocket. For this, they will hire collection agencies which will harass you with threatening calls. The creditors know that they cannot seize your property for getting back their money as the debt is unsecured. They will make you pay the minimum amount due which is actually their profit and you are actually not paying any money towards the repayment of your principal amount! Thus, negotiating with the creditors and eliminating a certain percentage of the debt is always legal.
Finally if you negotiate with the creditors for wiping off a certain percentage of the debt that you have will not mean that the creditors are actually losing. They will be compensated for this settlement. The government will allow the creditors to use the stimulus cash that is released in the market to cover up the expenses that the creditors have. The government will also allow the creditors to enjoy tax benefits which will ensure that the creditors don't have to pay higher taxes for lower income. Thus it is wise that you negotiate with you creditors for eliminating you debts.
These points make it clear that unsecured debts that the consumers have is always negotiable.
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement. Check out the following link to locate legitimate debt help in your state.
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