Step-by-Step Overview of Debt Settlement through My Debt Navigator

1. Understand Debt Settlement

• Debt settlement involves negotiating with creditors to reduce the total debt owed on each account.
• Professional negotiators work on your behalf to secure lower settlements.
• 
  

2. Accumulate Funds

• Clients make monthly contributions to a "special purpose" account.
• These funds are used to pay off settled debts in a lump sum.
• 
  

3. Typical Timeframe

• The average time to resolve debts through this program is about 30 months.
• 
  

4. Expected Savings

• Settlements typically range from 30% to 60% of the original debt.
• However, there is an added cost of 20% to 25% per account settled.
• 
  

5. Legal Assistance (Optional)

• Legal assistance is available for an additional fee, providing extra support during the process.
• 
  

6. Availability

• The debt settlement program is offered in most states.
  
• Currently, this option is not available in CT, MN, OR, VT, WI, WV or WY.
• 
  

7. Next Steps

• Book an appointment with a debt specialist to determine which debt relief program will be the right option for your client.
• Our team is here to guide and assist them throughout the process.