Debt Solutions - How a Professional Debt Relief Service Eliminates Consumer Liabilities

Read ahead for step by step description of how a professional debt relief service provider gets rid of the liabilities of the customers.

The first step shall involve a detailed inventory of all the debts owed by the individual. Keep in mind that there is nothing to gain by lying to your debt settlement service provider at this stage. You should not employ the service providers if you have any doubts.

Once you have employed, you should provide complete information so that the service provider can proceed accordingly. Most individuals omit information not because they want to hide it but because they have forgotten it.

Convey this to the service provider and make sure you do your best to remember all the debts you owe.

The second stage is an analysis of your current financial position and your potential future income. This is done to determine the total amount that you can pay to your unsecured lenders. This amount may range from few hundred dollars to few thousand dollars.

Do not worry about whether this amount will suffice. The first move is to identify the maximum that you can pay. The next step is to negotiate with the lenders and try to get them to settle for this amount. The negotiations may succeed or may fail.

You will have to make arrangements depending upon the final result. However, this stage should be dedicated solely to determining the amount as objectively as possible. The question is what you can pay and not:

- what you want to pay or - what you ought to pay or - what lenders would want you to pay.

Once these steps are completed, it is time to get in touch with the lenders. The professional company will get in touch with your unsecured lenders and initiates negotiations.

Once the lenders and the settlement company arrive at a common ground, you will be informed of the progress and your consent will be sought for the final agreement. Once you and the lenders consent, the agreement shall be drafted and shall be signed. This will effectively reduce your debt by the percentage of waiver obtained.

If you are over $10k in unsecured debt it would be financially prudent for you to consider a debt settlement. There are organizations that exist called "Free Debt Relief Networks" that are a great place to start in locating legitimate debt settlement companies in your region. They provide free debt help and know where to locate the top performing debt settlement firms. To get free debt help check out the link below: