Debt settlement, also known as “debt negotiation” and the practice of “debt forgiveness,” has existed over 30 years. The debt-free solution originated in the financial industry to assist insolvent business owners with the settlement of business debt in lieu of bankruptcy. However, after the steep rise in consumer debt, financial institutions quickly embraced debt settlement to help lower the rate of personal bankruptcies and consumer debt charge-offs.

Because of our nation’s $2.3 billion U.S. consumer debt epidemic (estimated to surpass $3 BILLION by 2015), the debt negotiation services of a debt settlement company have been in greater demand. Short of bankruptcy, no other bankruptcy alternative is more powerful than debt settlement in the elimination of unsecured debt.

Debt Free League is a leader in the debt settlement industry, which according to The Association of Settlement Companies, returned $2.2 billion of consumer debt to creditors in 2008. Our debt settlement program proudly serves consumer and business clients throughout the country.

Armed with a proprietary debt free solution, our skilled debt negotiation specialists can help you avoid bankruptcy, prevent creditor harassment, and receive considerable debt reductions on a variety of unsecured personal, medical, and business debt. Through our key relationships with creditors and collection agencies and unparalleled debt negotiation strategies, we can help you settle your debt for a fraction of what you owe.

Here's how our program works:

When you call our debt settlement company, a financial advisor will analyze your financial situation. To be eligible for our program, you must meet the following minimum requirements:

• A legitimate financial hardship, such as a divorce or separation, unemployment, business loss, or medical problem
• Total debt equals $5,000 (must be unsecured personal, medical, or business accounts)
• Have a working source of income or savings

Upon qualifying, your financial advisor will help you complete an enrollment application to be submitted to our underwriting department for approval. You will know if you qualify for our program within 24 hours. Once approved, based on your financial capacity, we will estimate your monthly payment and the number of months you will need to complete our debt settlement program.

For your security, the settlement funds you will be saving each month to settle your debt will be held in an FDIC-insured savings account that will be in your exclusive care, custody, and control. Whenever possible, we recommend that you increase your monthly savings, or deposit additional settlement funds into your savings account. The faster you can save up these funds, the sooner you can settle your debt and become debt-free.

The average period to reach a debt settlement is six months. Once you have saved up a reasonable lump sum for a settlement, your assigned debt negotiator will begin negotiating with creditors. Once a settlement agreement is reached with one of your creditors, they will send us a written settlement letter confirming the agreed upon settlement. The offer will also provide instructions for you to remit the lump-sum payment from your savings account to settle the negotiated debt. Within 60 days of the debt settlement, the creditor will also send you a settlement letter confirming that the debt was settled and “paid in full.”

Our program also aims to help you overcome creditor harassment. To help stop or ease the nuisance of the harassing collection calls, our debt settlement company will help you prepare a cease and desist letter to be sent to the third-party debt collector assigned to collect your debt. Under the federal Debt Collection Practices Act (FDCPA), upon receiving the cease and desist letter, the debt collector attempting to collect the debt, be it a collection agency or collection attorney, will be legally required to cease and desist making collection calls to your home or work. At times, a rogue third-party debt collector may decide to violate the law by continuing the collection calls. However, we will continue our commitment to help you fight creditor harassment. If the collection calls persist, you will also have the right to sue the third-party debt collector, plus you can be awarded fines of $1,000 per infraction.

The end result of our debt settlement company is to create an “ALL PARTIES WIN” solution that conveniently allows you to be debt-free and creditors to recover the money they may lose if you declared bankruptcy, they declared your debt as a charge-off, or if their debt collection efforts seemed useless, costly, or too time-consuming.

For more details on our debt settlement company, please read our Frequently Asked Questions (FAQ) or call us at 1-800-213-9968.