Debt Settlement FAQ's
Q: Why would my creditors agree to settle for so little money?
A: While it may seem strange that your creditors would agree to settle for less than what you owe, the fact is that in most cases they will settle for less every single day. Creditors do not like to have accounts for which they do not receive payments. If a bank has too many "non-performing" accounts, it makes the bank look like it is making poor lending decisions and taking too much risk. This can harm the bank's standing with both the Federal Reserve Board and investors, two groups on which all banks depend to operate. Therefore, most banks will accept much less than the balance on delinquent accounts simply to clear their books.
Q: Can I negotiate with my creditors on my own? Why should I hire DRP?
A: As one of the largest debt resolution firms in the United States, the experience we have gained working hard for so many clients is invaluable. We know how much each creditor will accept, the best time to settle, and how to best approach each creditor to maximize client savings. We have also built an unrivaled team of settlement negotiators, many of whom have extensive experience in the collections industry. They know how collectors think, know how to talk to them, and can see through the collector scare tactics which so often inhibit people from negotiating successfully on their own. Our negotiators have also built an extensive network of contacts within the credit card banks and collection agencies, which gives our clients a distinct advantage over those attempting to negotiate without professional assistance.