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Debt Settlement

Page Law PLLC Oakland County Royal Oak, MI


DEBT MANAGEMENT and DEBT SETTLEMENT

Debt Management
In your debt management plans I can attempt to negotiate for lower interest rates and possible lower monthly payments on your debt.

How I can help:
1. Initial free consultation to review your entire financial picture and try to give you practical ways of improving your monthly budgeting so that you’ll have money left over to pay off your debt.
2. I can help you make a plan for paying it off. Based on the number of accounts you owe, and your ability to make monthly payments, we will create a debt management plan that’s tailored to your situation. To do this, we will communicate with your creditors and ask them to lower your interest rates and your monthly payments.

Debt Settlement
In your debt settlement plan I contact the creditors and attempt to negotiate a settlement for less than the full balance to satisfy the debt.

How I can help:
1. Initial free consultation to review your entire financial picture. We will look at all the details of your situation, including the amount of debt you owe and the different types of debt you have, as well as the amount of income and savings you have that can be used to pay off debt.
2. I will attempt to negotiate a settlement and payments with your creditors where you pay some percentage of your outstanding balance as a lump sum in return for having the debt canceled.

Going it Alone
Anyone can get out of debt on their own. I tell my clients I do not have any magical keys to debt settlement or debt management. The key is to educate and inform yourself.

Here are steps you can take if you decide to get out of debt on your own:
1. Contact your creditors and attempt to reduce your interest rate;
2. Inquire about hardship programs that might be available;
3. Make a budget and stick to it;
4. Use outside resources for tools to help manage your debt and your budget

 

• National Foundation for Credit Counseling (NFCC) – www.nfcc.org
• GreenPath, Inc. – www.greenpath.com

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