How Debt Settlement Works

The 5 Easy Steps of How Debt Settlement Works

Step 1• Work with a debt counselor to find the most

affordable way to pay off unsecured debt accounts• Gather all credit card and/or loan statements for

interest rate and current fee review• Let debt counselor assess the true payoff time if no

assistance was needed• If new program terms make sense, debt counselor

will assist in completing the proper enrollment documentation needed

Step 2• A savings/escrow account will be open in the sole

name of the client• Money will be placed into this account on a monthly

basis until enough money has been saved to payoff individual accounts

• Monthly statements will be sent to savings account owner every month just as a normal savings account would do

• Funds are FDIC insured

Step 3• Debt settlement company will negotiate on your behalf

with each of your creditors• Company will negotiate with your savings account only if

a reasonable negotiation has been Agreed upon• Negotiations are done in bulk. If you have a $10,000

credit card with Bank of America, the debt settlement company will most likely have over $3 Million in the debt portfolio that will all be negotiated in a bulk settlement

• Example: • $ 3 million in debt X 60% savings = $1.2 million paid back• Bulk Settlements = BEST DEAL!!!

Step 4• Continue putting money towards savings

account until all cards in program have been negotiated

• Keep in contact with debt counselor for any updates

• Any creditor calls or paperwork should be forwarded to debt settlement company

Step 5• Graduate from the program• Be more disciplined in credit card usage• Stop robbing from Peter to pay Paul!• And Finally……..

BE DEBT FREE AND ENJOY LIFE!!!

Some Quick Debt Facts

• In 2005, the United States of America had $700 billion in outstanding credit card debt… we now have more than $950 billion in credit card debt

• The average American had $10,000 in credit card debt as of 2004…today the average American has $16,605 in credit card debt

• If you had $15,000 in debt and were only making minimum payments, it would take you over 14 years to payoff this debt (to check for accuracy, CLICK HERE to calculate)

• The US has it’s all time record of Bankruptcy filings. As of 2009, we’re at 9% as a nation.

Get Some Help!

• Call us to get a free assessment• If debt settlement isn’t right for you, we offer

other debt assistance programs as well• Waiting will only allow your creditors to

charge more interest and fees!

Call 1-877-332-8650www.miracledebt.com