Lump Sum Pay Off

Depending on your available assets, you may be able to work out a lump sum debt settlement with your creditors. A lump sum debt settlement helps you get rid of your debt obligations by paying a portion of the total debt owed to creditors, usually ranging from 30% to 60% of the total debt balance. Obviously, this solution might require that you liquidate some or all of your assets to pay for the lump sum fees you eventually agree to pay to your creditors.

In this solution, you would contact your creditors to inquire about the possibility that you could negotiate a one-time payment, at a much lower amount than you owe, to satisfy your debt. It is important to know that if a creditor chooses to negotiate a settlement with you, you might still be obligated to pay taxes on the amount of debt forgiven.

Since this is a very complex and detailed process, you will likely need professional assistance. Our referral resources can help you with this process. The professionals at InCharge Debt Solutions have the experience, knowledge and resources to make your efforts successful. Get in touch with one of our Certified Credit Counselors today to get started!