Three Options For Settling a Debt
Canadians who are struggling with debt often have several debt relief strategies available to them. One such debt relief option is negotiating a one-time lump sum payment with your creditor for significantly less than your current outstanding balance.
Eliminating your debt by negotiating a one-time lump sum payment with your creditor is available on certain types of debt when your debt is at least six months old.
Those seeking to eliminate one or more debts by negotiating a one-time lump sum payment with their creditor have three options as to who will negotiate a settlement with their creditor or its authorized collection agent.
There are advantages and disadvantages associated with each of these three options that are laid out in some detail in an article I published earlier today on the debtcoachsilverthorn.ca website titled "Debt Settlement: Your Three Options". Here is a link to this article.
Earlier today my firm, Debt Coach Silverthorn, published a YouTube video titled "Debt Settlement: Your Three Options".
In this YouTube video former collection agency lawyer and author Mark Silverthorn describes the advantages and disadvantages of a consumer's three options as to who can negotiate a one-time lump settlement.
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Learn more about Debt Coach Silverthorn
The mantra for Debt Coach Silverthorn, debtcoachsilverthorn.ca, is "Empowering Canadians Struggling with Debt".
If you would like to learn more about my firm, Debt Coach Silverthorn, I would invite you to visit our firm's website, debtcoachsilverthorn.ca. On this website you will find a significant number of practical articles that should be helpful to Canadians facing debt problems. Website visitors can also watch a substantial number of YouTube videos that we have published. If you enjoy watching the videos on the Debt Coach Silverthorn YouTube channel then we would invite you to Subscribe to this YouTube channel.
You are also welcome to call me at (519) 987-3270 or send me an email at [email protected].
ABOUT THE AUTHOR
Kitchener, Ontario-based Mark Silverthorn worked as a collection lawyer for some of Canada's largest collection agencies over a 12-year period. He subsequently had an epiphany and began representing consumers facing debt problems. Mark has helped consumers across Canada save thousands of dollars by eliminating debt using one-time lump-sum settlements with creditors. In 2010 Mark wrote a popular book on debt relief titled?The Wolf At The Door: What To Do When Collection Agencies Come Calling, published by McClelland & Stewart. Mark is routinely consulted by the media regarding consumer debt, the collection industry, and debt relief. In October of 2019 Mark retired from the practice of law and now he provides Canadians with practical advice about debt based upon his three decades of experience in the debt collection and debt relief industries. Mark does not provide legal representation nor legal advice.