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Debt Settlement (Negotiation)
If you have $15,000 in unsecured debt at an interest rate of 18%,
are making minimum payments, on average, you will end up paying approximately $9,750 to settle the debt.
Advantages:
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You can expect to pay approximately 65% of what you owe when all is said and done.
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Your monthly payment is flexible. You will be given three monthly payment options.
Your program monthly payments will go into the Attorney's Trust Account and
will serve as an important tool for negotiating your debts.
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You are assigned to a CDS Settlement Representative who will insure you have the
tools to ward off creditor contact during the negotiation process.
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You will be provided with a secured on line account where you
can view your Trust Account balance and Settlement Offers.
You will have the ability to Accept or Decline the Settlement
Offers that are generated.
Disadvantages:
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While you will get out of debt you may, in the short term,
experience aggressive collection practices and negative postings
from your creditors. CDS has tools to assist you in dealing with this.
How to Qualify:
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Provide your CDS agent with a list of creditors.
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CDS agent will provide you with three monthly payment options.
Choose the monthly payment that fits your budget.
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Provide CDS agent with budget information and hardship reason.
Your hardship reason is
important as many creditors will inquire why you are seeking debt relief.
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CDS agent will send you the required paperwork.
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Fill out paperwork.
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Make monthly program payments. You will be contacted by
your Settlement Representative as Settlement Offers are generated.
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