Debt Settlement - Credit Card Debt Relief

Jefferson Debt Settlement specializes in an innovative form of debt management known as debt settlement or debt negotiation that helps people resolve their credit card debt for less than what they actually owe. Due to the fact that our program aims to reduce your principal balance and not just your interest rate, clients who complete our program enjoy the fastest and least expensive way to get out of debt without filing bankruptcy.*

Debt Settlement Benefits:

• One low program payment
• Settle debt for less than you owe
• No advance fees – you only pay for results
• A way to get out of credit card debt without bankruptcy
• Easy qualification process – no credit checks or homeownership requirements

How it Works

1. You contact us for a free consultation by calling 877-273-3657. We explain how our program works and give you a firm estimate of how much it will cost to settle your debts if you have your creditor balances available.
   
   
2. You sign the agreement and receive a welcome call and package from our customer service welcoming you into our program and giving you important details to help you maximize your savings from the program.
   
   
3. You begin making deposits into a savings account we set up on your behalf, but that is in your name and which you have complete control over. The payments made into this account are not disbursed to your creditors monthly, but instead are used to offer as a lump sum to your creditors to settle your debts for less than you owe. Negotiations usually begin once your account goes to collections and you have around 20-30% of the debt saved in your savings account.
   
   
4. We inform you of the settlement offers available and advise you on whether they are worth accepting. If you agree to accept an offer, we get the appropriate documentation from the creditor authorizing the transaction. You also receive a copy of these letters.
   
   
5. Payment is made to the creditor and the process of making deposits and offers to your creditors continues until all of your debts are settled. Clients who complete their plans usually resolve their credit card debt within two to four years!
   
   

Call Now to Learn More: 877-273-3657

Your Debt Settlement Solutions:

Consider these three options for debt negotiation. You can hire JDS, handle it through an attorney, or you can try to do it yourself.

Why consumers choose JDS?

• We charge absolutely no fees unless we resolve an account to your satisfaction. This allows you to settle your accounts faster because we are not siphoning off fees before an account is ever settled.
  
  
• Our fees are reasonable – for most clients they pay less than 7% of their debt amount per year.**
  
  
• The service provider of JDS is A rated by the BBB. They are also a member of the American Fair Credit Council and accredited by the third-party auditing company, BSI.
  
  
• The counselors that JDS works with are among the most knowledgeable and professional in the industry. Call us at 877-273-3657 and see why!

Lawyers:

• Most charge advance fees for the services they will render, which is considered an abusive practice by the FTC.
  
  
• Their fees are typically much more expensive than JDS's. Not only are you typically paying it up front, but you are also paying much more!
  
  
• Most debt settlement lawyers will charge more to represent you in court outside of the fees you're already paying. Not only are you paying more just for settling your debts, but they will charge you on top of that for going to court!
  
  
• Delaying payment to your creditors because you're paying fees up front to your attorney before them is more likely to cause your accounts to go to court! Creditors don't just wait around until you're done paying the attorney!
  
  
• If the law firm fails to settle accounts, their fees are usually non-refundable. So not only are they charging more and putting you in a position where your accounts will likely end up in court, but they refuse to give you back any money if the program fails. It's no wonder they want their fees in advance – Their programs are designed to fail!

With JDS, you only pay us if we successfully negotiate a settlement that you agree to accept. If the settlement is not your satisfaction, you do not even have to accept it. That means you're only paying fees for services that are delivered to your complete satisfaction!

Do-It-Yourself:

• You end up paying more in what you settle for because you are not experienced in these type of negotiations. Having settled thousands of accounts, we know exactly what is the best possible settlement, who to contact to obtain the best deals, and when is the best time to settle with all the major creditors.
  
  
• You deal with more creditor calls, threats, and intimidation tactics because you do not have a third-party intermediary. Per the Fair Debt Collection Practices Act (FDPCA), debt collectors must contact us instead of you once we notify them you are being represented. You can also change your phone number and address on file with your credit card companies to ours, so some of these calls get directed automatically.
  
  
• You waste a lot of time keeping track of your accounts and handling the negotiations. Not only do we keep track of all your creditor correspondences, we track down all of your accounts, handle all the negotiations and phone calls, save all the appropriate documentation of your settlements, and arrange the actual payment arrangements on your behalf. This process takes a lot of time that most people do not have!
  
  
• You are less likely to complete a plan when you do not have a third-party overseeing your progress in the same way as a nutritionist or personal trainer does. With an issue as important to your financial well-being as this, do you want to short-change your chances of success?

Advantages & Disadvantages of Debt Settlement:

In an article in The New York Times, Professor Cindy Cyndi Geerdes, at the University of Illinois law school, states "Done correctly, (debt settlement) can absolutely help people." The key point is to be well-suited for this solution and to use a company that is experienced and does not charge fees in advance.

The advantages of our solution is clear. You can pay an affordable monthly program payment and resolve your debts quickly and inexpensively without filing bankruptcy, assuming you meet the savings requirements and complete the program. This being the case, statistically debt settlement is the most effective credit card debt relief option besides Chapter 7 bankruptcy, which is effective in terms of helping you become debt free, but has a more dramatic impact on your credit, stays on legal records for 20 years, and is difficult to qualify for if you earn more than the median income in your state.

The disadvantages of debt settlement are it impacts your credit negatively because creditors do not receive payment until your debt is settled, and after your debt is paid, it will appear on your credit as "settled" for 7 years. While this is better than having the black mark of Chapter 7 bankruptcy for 10 years, but it is not a positive mark on your credit as if you paid the debt in full.

Since your debts are not paid until they are settled creditors can call you and can even pursue legal action to collect your debt, though it is very rare that a creditor ever garnishes a client's wages or puts a lien on their property before we are able to resolve an account, which is not the case for companies who charge all their fees in advance.

The final main disadvantage is you can be taxed on your settlements because the IRS considers what you save off your balances income. The good news is there is an exemption for consumers who were insolvent at the time their debt was settled. In other words, as long as you owe more than the fair market value of your property, which most consumers settling their debt are, you can file IRS Form 982 showing your insolvency and not have to pay any taxes on your settlements. JDS cannot give tax advice so please speak to a CPA about this for information about your individual situation.

In sum, the advantages and disadvantages of debt settlement means it makes a lot of sense for consumers who cannot afford to pay their debts back and are seeking an alternative to bankruptcy. If you can afford to pay back your debt in full by making more than your minimum payment that is probably a better option.
**Assumes a three year program and 20% of the debt amount as the fee.**