How Debt Reduction Services Can Reduce Your Debt By 70% to 89%
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If you thought that debt reductions of 50%, 70% or even as high as 89% were impossible, think again. I could hardly believe it myself until I saw the actual letters.
For example, here is a letter that a consumer received from a collection agency representing Chevy Chase Bank, regarding an outstanding debt of $32,288.69. The debt reduction service working on behalf of this particular consumer negotiated an astonishing 89% reduction in the amount of debt the creditor was willing to accept as full payment. Here are the details:
89% Debt Reduction Sample Letter:
Details: Debt reduction from Chevy Chase
Original Debt: $32288.69
Debt Settlement Amount: $3,500
Dollars Saved: $28,788.69
Percentage Debt Reduction: 89.16%
Now you may be wondering why a creditor would reduce the debt by that much. Well, to be honest, unless we knew more about the particular situation of the consumer (the person who owed the debt) we can't be sure of the reasons. It is likely that the person was facing potential bankruptcy and that the creditor was just happy to get "something" out of them.
Of course qualified debt reduction services can play a big role in negotiating these types of settlements. Having an experienced professional on your side can pay huge dividends along the way.
Here is another sample debt reduction letter.
60% Debt Reduction Sample Letter:
Details: FirstCard Debt Settlement
Original Debt: $11,316.70
Debt Settlement Amount: $4,530
Dollars Saved: $6,786.70
Percentage Debt Reduction: 60%
