What a debt settlement agency cannot do for you

What a debt settlement agency cannot do for you

Dubai: If you have been facing challenges with credit card debt for long, then you may have received some offers from companies that claim they can settle your debt. “Global statistics indicate that the average settlement amounts to 48 per cent of what you originally owed, but that number is a bit skewed,” noted Dubai-based debt restructuring and financial planning consultant Rupesh Naish. “If your debts are still with the original creditor, settlement amounts tend to be much higher. Settlements tend to be higher with original creditors because they want to recoup as much of their loss as possible.” However, with a debt collector, they purchased your debt from the original creditor for a small percentage of what you actually owed. So essentially, they can accept a lower settlement amount and still make a profit. Like with everything else that involves your money, the blanket rule is if it looks too good to be true it probably is. And debt settlement firms are no exception. So let’s discover what those companies who talk about debt actually don’t want you to know about them. Realistically, it’s very doubtful that all debt settlement firms can cut your debt in half. On paper