The best way to settle a debt is to offer the creditor a lump sum payment they will be tempted to take available cash now rather than come up with a new debt repayment plan that you might stop paying accordingly you should contribute monthly into a savings account to build up a lump sum. Before you attempt to settle a debt check the statute of limitations on the debt collectors only have a certain amount of time to sue you for payments if your debt is too old the collector cant take you to court you can determine if the statute of limitations for collecting a debt in your state has passed. Use your debt list to prioritize and rank your debts in the order you want to pay them off you can also choose to pay off the debt with the lowest balance first pay off collections and charge offs you can only pay as much on your debt as you can afford when you have limited funds for repaying debt focus on keeping your other accounts in good standing dont sacrifice your positive . Debt relief and debt settlement is a negotiated agreement by which a creditor accepts less than the total amount owed to legally satisfy a debt settlement programs typically last 24 48 months and are highly dependent on factors such as delinquency creditor policies the number of accounts and the total dollar amount of the debt
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