Trinity Financial Mission’s Debt settlement program is a great way to pay off old bills. However it takes some preparation. The idea behind debt settlement is that the collection agency agrees to accept less than the amount owed on a bill. Typically, the discounts range from 40 percent to 60 percent off the total bill.
Here is one of our debt settlement success stories!
In order to use the debt settlement option, I had to save all the money prior to paying off the bill. That’s because debt settlement offers a discount for paying off the bill in one lump payment. In order to pay off all my old credit cards, I needed about $2,000 in my savings account.
After I saved the amount of money I needed, I had to decide which bills I wanted to pay off. In my case, I wanted to pay off four different credit card bills that had been haunting me since my college days. The reason I chose my credit cards was because they were the bills that were tearing apart my credit score, and I wanted a better credit score in order to set up utility accounts and rent apartments without paying huge fees.
Maximum Price Per Bill
Once I had my bills chosen, I looked at the balances and determined the highest amount I was willing to pay in order to clear the debt. In my case, I wanted to pay no more than 50 percent of the current bill. By setting that limit, I knew I’d be able to pay off all four credit cards with the $2,000 I had saved. If it all worked the way I wanted it to, I’d clear $4,000 worth of debt from my credit report.