Additional Financial Resources
Debt Settlement
The major difference between a Debt Management Program and Debt Settlement Program
is that through a DMP creditors are being paid monthly whereas in a DSP the creditors
are no longer being paid until such time as the debtor has built up sufficient funds
to allow the DSP company to initiate negotiation procedures to reduce the amount
of the debt and enact a lump sum settlement.
Advantages:
- * Lower Monthly Payments.
- * Get out of debt quickly.
- * Eliminate Fees and Interest Charges.
- * Eliminate Harassing Phone Calls.
- * Improves Debt to Income Ratio.
Disadvantages:
- * Negative effect on credit.
- * Need to close all enrolled accounts.
- * Need to rebuild own credit at the end of the program.
For more information or questions please feel free to contact our Financial Resources
Group at
1-800-435-1945.
