Debt Settlement - NevadaDebtRelief.org
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Debt Relief – How It Works
Over the years one of the most common questions we get from people who come to our site is "How does it work?"
This video explains how the free debt relief savings estimate works, how debt relief programs work and if there is any cost.

Will Debt Settlement or Debt Negotiation Help?

For individuals and families in Nevada who are burdened with high-balance, high interest credit cards, a debt settlement or debt negotiation program may be a viable option to avoid bankruptcy – while at the same time, settling debts for less than the full amount owed. The objective of debt settlement is for consumers, through a debt negotiator, to get individual creditors to agree to "settle" debts for much less than the full amount owed.

How Does Debt Settlement Work?

Consumers who enroll in a debt settlement or debt negotiation program are typically required to stop paying high interest credit card minimums and instead, begin to "set aside" those monies to be used for the purpose of extending a debt settlement offer, through a debt negotiator, to a credit card company. It stands to reason that a credit card company, facing the prospects of possibly "selling off" bad debt for as little as 10 cents on the dollar might be willing to accept a negotiated settlement offer from a consumer truly experiencing a financial hardship. While debt settlement can save a substantial amount of money and it can be a positive alternative to bankruptcy, it is an aggressive debt relief option whose drawbacks should be recognized from the outset:

Consumers should understand that when they stop paying cards according to the terms of their agreements, creditors can threaten or take legal action. In addition, they need to understand that they can be taxes on the money saved by settling their debts. Finally, debt settlement will generally have a negative impact on personal credit, but not as serious or long lasting an impact as personal bankruptcy.

If you are in need of debt relief assistance, get a free debt relief analysis and savings estimate from a BBB accredited provider at no obligation.

Debt Consolidation Through Debt Management Plans

Another debt relief option that is available to residents of Nevada is a debt management plan customized for individuals with the help of a credit or debt counselor. The objective of a debt consolidation or debt management program (DMP) is to combine or consolidate multiple high-interest debts into a single, more manageable, payment each month. Through the benefits of debt relief such as lower interest rates, the waiving of late fees and penalties, and generally more favorable repayment terms, a debt management plan coordinated by a credit counselor or debt counselor can provide vital assistance for consumers who need a proven, predictable, and accelerated path out of debt.

How are plans customized for each individual or family? A credit counselor or debt relief specialist typically will interview the consumer to gain a clear understanding of their debts. Then they will conduct a budget analysis with consumers to find out how much money can be realistically allocated each month to pay down those debts. Finally, based on this information, they will come up with a game plan (a debt management plan or DMP) and send proposals to each of the consumer's creditors requesting the benefits of debt relief for the individual or family experiencing financial hardship. These benefits typically include lower interest rates, a waiving of late fees and penalties, and more favorable repayment terms that are affordable for the consumer experiencing financial hardship. Those creditors who agree to the proposals are then added to the debt management plan. For those that do not accept the proposals, consumers are still obligated according to the terms of their original cardholder agreements.

State Programs for Low-Income Families

Some individuals and families, regardless of their credit card debt or financial situation, may need more immediate help from other sources to get access to some of the basic essentials in life -- such as help paying for utility bills, rent, groceries, and childcare. To assist with their needs, the state offers such programs like Nevada Check Up (SCHIP), Nevada Energy Assistance Program, and the Head Start program, among others. To find out more about these services designed for low-income families and individuals, go to the state's homepage Benefits section.

Overall, for residents of Nevada experiencing a financial hardship, debt consolidation or debt management plans can be very effective and save a substantial amount of money only if consumers stop ringing up credit card debts and begin to steadily pay down the principal amount of debt on time, month after month, at a lower interest rate. It really is simple logic: 1) Stop using credit cards (if you must carry plastic, rely on a debit card to stay within your means), 2) Payoff the existing amount of your principal debt at a lower interest rate, on time, month after month, 3) Complete the debt management plan (DMP) as outlined and you've succeeded and have the right to celebrate your debt-free day!

If you are in need of debt relief assistance, get a free debt relief analysis and savings estimate from a BBB accredited provider at no obligation.

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