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The debt settlement company will then pay your creditors.
Some credit counselling agencies may also offer this service.
When you sign up for this type of loan, you may never actually receive any money because the company will tell you the loan amount will cover its services or programs.
Instead, you make regular payments to the company to repay the loan.
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A debt settlement company negotiates with your creditors and will offer them a lump sum of money to eliminate your debt.
Be aware this type of loan usually has a high interest rate.
Some debt settlement companies offer their services through aggressive telemarketing calls.
In 1993, the Financial Counseling Association of America (FCAA) was founded as an alternative to the NFCC.
The FCAA focuses on some of the newer technologies and allows counseling by phone and online.
There are many different names for the practice of debt settlement, including: Creditors aren’t required to negotiate with a debt settlement company. Some or all of your creditors may not agree to lower your amount of debt or even work with the debt settlement company.
Be aware that a debt settlement company may still charge you fees even if your creditors refuse the offer.
Whatever your situation, we'll work with you to get relief from the financial stress you're living with.