Settlement Negotiations

Settlement Negotiations

To settle a debt is to enter a binding agreement with a creditor to pay less than the balance owed to receive a “paid in full” status. If you are significantly delinquent on an account, you may have received letters in the mail offering to “settle” for a portion of the original balance. Although creditors may make these offers to you, they always put an expiration date on the offer. Most if not all settlement offers require you to pay the entire settled amount within 30 days, or the offer expires.

Debt Payment

What happens if you have not received an offer like this or could not pay the settled amount before the expiration date? Does this mean that you are destined to pay the entire balance? The answer is NO.

Suppose you have sufficient funds to pay a portion of your debt NOW. In that case, you can approach a creditor with a settlement offer. GAP Financial Services can assist you by preparing and negotiating a settlement offer with your creditor(s). We will skillfully construct the offer, present it to the correct people, and ensure everything is in writing before you pay anything to the creditor. We will also make you aware of potential tax liabilities associated with your settlements.

Contact GAP Financial Services

Not every situation is right for settlement negotiations. The creditor considers your current financial situation and future ability to pay the debt in full. GAP Financial Services can present your case to the creditor to achieve the best settlement possible. If you have questions about Settlement Negotiation, please contact us. We will be happy to discuss how this option may help you become debt free.

Need more information? Call us at (920) 897-4130 to speak with one of our experts.

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