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What’s the Difference between Debt Settlement and Debt Counseling?

Posted by Matthew T. Desrochers | Mar 21, 2017 | 0 Comments

  • They negotiate with the credit card companies or collectors for generally a single payment (can go up to 6 months) of which is for a percentage of what you owe.
  • This can be anywhere between 80% to 20% of your original debt.
  • They get their money in either a monthly payment plan or as a percentage of what they save you.
  • Plans generally take 2 to 4 years depending on the amount of credit and the amount of money you can put into the program.

Debt Counseling

  • They negotiate with the credit cards for a smaller payment plan.
  • They provide educational services to teach you how to use your money.
  • They get paid by an upfront fee and then they take a certain amount each month from what you put in.
  • These plans can last 15 to 30 years.

If you would like to learn more and/or receive assistance with foreclosure, Mortgage Audit, loan modificationbankruptcy or debt settlement, please contact us at (781) 315-4566.

About the Author

Matthew T. Desrochers

Mr. Desrochers is the managing attorney at the office that was founded in 1999.  Matthew helps homeowners avoid foreclosure and get out of debt.  This work consist of Loan Modification, Short Sales, Chapter 13 and Chapter 7 bankrcupty cases, including mortgage settlement and IRS Offers in Comprom...

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