Debt Management Expert Lends Some Words of Wisdom: “Some Things To Look For In A Debt Settlement Company”

Debt Management Expert Lends Some Words of Wisdom: “Some Things To Look For In A Debt Settlement Company”

Date: Monday – May 2, 2005

Many confuse the term ‘debt-settlement’ with ‘debt-consolidation’, ‘credit-counseling’, or even bankruptcy. Too often people make the mistake of assuming there is a lot of overlap between the different programs.

According to Kenneth Priore, an attorney in California and a principal in a professional debt negotiation company, New Leaf Debt Settlement, “Unlike other options, Debt Settlement can help you get out of debt for the least amount of money in the shortest amount of time without filing for bankruptcy.” The debt settlement company will establish a monthly savings plan that fits your budget, based on your total amount of debt. In addition, the company will negotiate a settlement amount with your creditors, which is often a fraction of the original balance of your loans. Mr Priore ads, “But this option is not for everyone, it is not meant to avoid debt, but address hardships in a intelligent manner that keeps the client in control, not some corporation or governmental authority.”

There is a common misconception in regards to the effects of debt settlement on your credit history. Enrollment in a debt-settlement program does not show up on your credit report. Anytime a creditor goes unpaid, however, there will be negative marks on your report to reflect late or missed payments. Mr. Priore states, “Once your debts are settled, your accounts will show up on your credit report as settled or paid, placing you in a position to rehabilitate and re-establish your credit, remove any errors from your credit report and take the next steps to your financial freedom.”

When selecting a debt-settlement company to work with, Mr. Priore stresses there are two important qualities to look for: 1) The debt settlement plan takes no longer than three years to complete. 2) The company has the knowledge and experience and actually is doing the negotiation and settlement, versus simply a marketing house that sells off your debt once you sign up.

Before founding New Leaf Debt Settlement, Priore was a managing attorney for a third party litigation group for Charles Schwab, Inc. and counsel and chief compliance office to MVC Capital. Priore received his BA from Tufts University in 1991 and his JD from Tulane University in 1995.

People who interested in learning more about debt settlement may find more information at www.newleafdebt.com

Contact:
Christopher Osborn
New Leaf Debt Settlement
Christopher.Osborn@newleafdebt.com
415.526.1135