If You’re Struggling With Excessive Credit Card Debt, You Might Be Able To Get Substantial Debt Relief Without Filing Bankruptcy.

Depending On Your Situation, You Could Be Eligible For Thousands Or Even Tens Of Thousands Of Dollars Of Debt Relief!

Are you frustrated by the confusing (often contradictory) information online about how to best resolve excessive credit card debt?

If so, I know exactly how you feel.

Your credit card debt is stressful enough. But then trying to find solid, reliable information to help you solve your problem makes you want to pull your hair out.

All you want is for someone to explain your options (both pros and cons) in plain English so you can make an informed decision. But what you find is website after website giving you one big sales pitch on why *their* solution is the best and why you need to sign up for their program *today*.

But you won’t get that here. Instead, we’re going to help you sort out your financial predicament once and for all so you can determine the best course of action for you.

I’ve spent over a decade in this industry and had over a thousand 1-on-1 consultations with people in all stages of financial distress. So I have a pretty good idea of what’s on your mind and what questions you have.

Let’s start with the # 1 question on everyone’s mind, “What are my options?

Here they are:

1. Bankruptcy.

Usually a last resort for most people since it can appear on your credit report for up to 10 years. Bankruptcy is also a matter of public record for anyone that wants to know. You’ll have to appear in Federal Court for at least one hearing, possibly more. Also, the Court could require a court-appointed trustee to control and oversee your estate.

2. Consumer Credit Counseling.

Usually a non-profit organization that is funded by contributions from creditors. You make one monthly payment to the Consumer Credit Counseling agency, then they disburse your funds and pay each creditor on your behalf.

This approach will get your interest rate lowered slightly and stop the harassing collection calls. However, you will still be required to pay the full balance owed plus interest. No debt relief will be granted.

3. Obtain A Loan From Your Bank.

Certainly not the worst thing you could do. But to get a loan you must own a home or have some property or assets to pledge as collateral, otherwise a loan isn’t even an option. In addition, you cannot borrow your way out of debt. You’re still going to have to pay back the money (plus interest) eventually.

4. Do Nothing.

This is not a practical solution for most people, but technically it is an option. An example where doing nothing might work is if you were unemployed and had no assets a creditor could pursue. Essentially you would be “judgment proof” and your creditors would (at least temporarily) hit a roadblock. However, this does not mean they can’t come after you at a later date, when you least expect it.

5. Negotiate Settlements For Less Than Full Balance.

In certain situations, if handled correctly, most creditors will agree to accept less than full balance to settle outstanding debts.

Those are your choices. There aren’t any other magical solutions for resolving outstanding debts. You can keep looking but I guarantee all roads lead back to these 5 options.

Let’s explore option # 5 a little further since that is my area of expertise.

Would A Debt Reduction Of 40-60% Solve Any Of Your Financial Problems?

If so, negotiating voluntary settlements on your outstanding debt for less than full balance might be the best solution both for you as well as your creditors.

Keep in mind every situation is different and there are many variables. Sometimes debts can be settled for as little as $0.20-0.30 on the dollar, other times creditors won’t accept anything less than $0.50-0.60 on the dollar.

If you’re considering negotiating settlements for less than full balance, here are 11 things you absolutely need to know before proceeding:

  • Settling debts is not about what you know, but who you know. Connecting with the right people and avoiding the uncooperative ones is the difference between settling and not settling.
  • You must use different strategies. What works with one financial institution or collection agency will often not work with another. Your approach with one company could actually trigger a lawsuit with another company. It’s true.
  • Creditors and collection agencies don’t write off hundreds or thousands of dollars without some resistance. You’ll need to persevere.
  • Creditors routinely threaten litigation. Most of the time they’re bluffing, but not always. How do you know whether the threat of a lawsuit is real or just a bluff? We’ve discovered that past performance of a creditor or collection agency is the biggest determining factor. Therefore, you need to know the history of a particular creditor or collection agency to determine if the threat of a lawsuit is legitimate.
  • What if one of your accounts is referred to a law firm? Does that mean you’re getting sued? Not necessarily. Although Donaldson Williams is not a law firm, I am able to report that we’ve negotiated settlements with law firms many times over the years. You just need to know the correct protocol.
  • Settlements are only available on unsecured debts like credit cards, medical bills and department store cards. Things like mortgages, student loans, alimony and child support fall into the category of secured debts and there is not much that can be done with these types of debts.
  • Doing nothing is sometimes the best negotiating strategy. Other times doing nothing will backfire and you’ll miss a good settlement opportunity … or get sued. The key is knowing when to take action and when to be patient and wait.
  • You’ll need to know what constitutes a good settlement offer and what’s not a good settlement offer. A 55% settlement offer might be the best offer you’ll get with one particular creditor and you should definitely accept the offer. Then there are other creditors that routinely settle for 25-30% of the outstanding balance. The key is knowing when to accept a certain offer versus holding out for a more favorable offer.
  • Should you attempt to settle directly with the credit card company or let the account go out to an agency? Amazingly, there are times when you are better off letting your account be transferred to a collection agency. Other times you should definitely settle directly with the credit card company before they outsource your account to a collection agency.
  • What if your debt is sold to another company? Credit card companies often sell accounts to debt-purchasing companies. These debt-purchasing companies sometimes handle the account in-house and other times they outsource it to a collection agency. It can get very confusing. Therefore you need to make sure the final settlement paperwork is completely accurate and demonstrates what company actually owns your debt so you are not liable for the remaining balance at a later date.
  • What about settling liens and judgments? It’s entirely possible to settle outstanding liens and judgments for less than full balance. But the strategy is slightly different than settling debts that have not already been converted to a lien or judgment. You’ll also need to make sure the proper paperwork gets filed at the courthouse after the settlement is finalized.

Here Are Some Actual Client Results

  • $53,711 settled for $21,600 ($0.40 on the dollar)
    Click here to see actual settlement letter.
  • $145,985 settled for $29,197 ($0.20 on the dollar)
    Click here to see actual settlement letter.
  • $33,823 settled for $9,200 ($0.27 on the dollar)
    Click here to see actual settlement letter.
  • $11,736 settled for $2,400 ($0.20 on the dollar)
    Click here to see actual settlement letter.
  • $26,604 settled for $7,000 ($0.26 on the dollar)
    Click here to see actual settlement letter.

To see even more settlement letters click here.

Are you eligible for debt relief?
Talk privately with one of our staff members about your situation to get your questions answered. If we can help you we’ll let you know. If we cannot help you we’ll let you know that, too, then make other recommendations for resolving your situation. Request a complimentary phone consultation today.

The Debt Settlement Process Is Not For Everyone

Negotiating settlements can be a great solution for resolving troublesome credit card debt, but it’s not perfect:

  • If it’s going to take more than 12-18 months to negotiate settlements with your creditors, bankruptcy might be the better option and you might want to consult with a bankruptcy attorney. I’m not saying it’s impossible to go longer than 18 months, but the statistical likelihood of accomplishing your settlement objectives is not real good if it’s going to take more than 12-18 months to complete the process.
  • Creditors may contact you. As much as I hate to say it, creditors are legally entitled to contact you about outstanding debts. It’s part of the process. Creditors are not going to write off large amounts of debt without some collection efforts. However, there are steps you can take to drastically minimize your contact with debt collectors.
  • No results are guaranteed. Past performance does not guarantee future results. But if you know what you’re doing the odds of achieving your desired outcome are quite good.
  • Your credit score will be adversely affected. This is the trade-off for your creditors writing off a substantial portion of the debt that you owe. You cannot expect to have your creditors forgive hundreds, thousands or even tens of thousands of dollars and still have a good credit score. The system doesn’t work that way. Any reasonable person understands and accepts this.

As with anything in life, there are positives and negatives. If any of the previous 4 items is unacceptable to you, then stop right here because the credit card debt settlement process is not the right option for you.

On the other hand, if you acknowledge and accept these potential drawbacks in return for substantial debt relief without the need to file bankruptcy, then negotiating settlements with your creditors might be the way to go.

What Our Clients Say

“I wish I had known about Donaldson Williams from the start. Unfortunately I did not do my research and got involved with a debt resolution company that took money from me without settling any of my accounts. Then I wised up and transferred to Donaldson Williams. They are professional, kind and do what they say they are going to do. All of my accounts were settled in about 6 months. Great job and thanks so much!”
Danielle / PC Systems Analyst

“We are so grateful for everyone’s help through this very difficult time! Your professionalism, kindness, and compassion are unsurpassed, and we could not have been more pleased with the results you provided for us. The information you provided was always clear and I was amazed that we completed the program well within the time frame quoted. The days are much brighter without the weight of that tremendous load of debt over our heads.”
Rich W. / Commercial Pilot

“I researched many debt resolution companies. If you do not call Marie at Donaldson Williams you are missing out. Marie and her staff, Erin, Linda and Angelo are very honest people. With 12 credit cards and $35,000 in debt I am now debt free in only a year and a half. You will not find a better company to with than DW. Thank you, DW.”
Lenny M / Retired

For more client testimonials click here.

Also, Donaldson Williams has an A+ rating with the BBB.

The Next Step

When you go to bed tonight your credit card debt will still be there. Same thing when you wake up in the morning.

It’s not going away on it’s own. You need to do something.

Request a consultation today and let’s determine whether or not the settlement approach is the right solution for you. Phone consultations are friendly and relaxed with no high pressure or hype. Our goal is to help you sort things out and figure out what’s best for you.

Imagine what your life would be like if your credit card debt was totally gone. Vanished. Wiped out.

  • No more sleepless nights worrying about how to pay your bills.
  • No need to file bankruptcy.
  • No more collection calls and letters from debt collectors.
  • Peace of mind and enjoy life again.

Debt happens. It’s nothing to be ashamed of. Everyone deserves a second chance.

Contact us today and we’ll see what we can do to help.

Marie Megge, President
Donaldson Williams, Inc.