Negotiated Debt Settlement
Negotiated Debt Settlements is often appropriate for families with unsettled debts from the past who have become financially able to pay them off in a relatively short time.
Many creditors are willing to settle old debts for a fraction of the outstanding balances. To pursue this possibility, a consumer needs to have sufficient cash on hand to make an immediate lump sum settlement often for 50% or even less of the amount owed
If you are considering the use of a professional agency to help you, the challenge is to find one that is ethical and honest. The times are full of agencies that will give you bad counsel just to take your money. For example, we never recommend that families with current accounts enter this program; rather, it is for people with old debts that are either in collection or charged off. WE MAKE NO EXCEPTIONS.
Cornerstone Financial Counselors is the outreach Division of a non-profit Christian Ministry operating in the financial counseling industry since 1987. You will receive an honest assessment of what to look for and what to expect including personal income tax implications that many agencies don’t fully explain.
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If you confirm that you are interested in the option of Negotiated Debt Settlements, Cornerstone can refer you to another Christian agency where you can feel secure and receive further counseling and service.