Debt: It’s Not the End!

By: Scott M.  Tanner, Esq.

Ok…I owe the money…now what?

It’s a common misconception that a consumer is dead in the water if they truly and genuinely owe the money a creditor claims they owe. In fact, very nearly every creditor, from big multi-national banks, to small corner stores, view the debts owed to them as negotiable to one extent or another.  Enter debt settlement…

Debt settlement as a concept is a great idea.  Hiring a lawyer or negotiator to contact your creditors and work with them to reduce your interest rate, principal, and late fees; what’s not to like?  In truth, the problem with your typical debt settlement company is that the fees it charges in order to “reduce” your debt, when combined with the portion of the debt that you actually end up owing, and the damage to your credit in the process, serves to leave you in a worse position than you would have been had you never contact the debt settlement company in the first place.

The long and short of debt settlement is that it is all about real people getting real people on the phone and talking the debt out.  Creditors are smart. They recognize that there is no value in pushing a consumer to bankruptcy. Likewise, they realize there is little value in enforcing a judgment involuntarily in $50 increments over the course of 100 years.  As such, more often than you’d believe a simple phone call to a creditor is the best remedy for overwhelming debt.

In choosing to hire someone to represent you in settling your debts, it’s important to discuss that person’s approach to debt settlement, his/her fees, and to consider whether you are in a position to make a meaningful settlement offer on a creditor-by-creditor basis.

Debt does not have to be the end of the world.  You do not have to carry the constant stress that debt causes you. It is all negotiable.

If you are interested in debt settlement, debt consolidation, bankruptcy, or any other debt-related assistance, call the experienced and affordable attorneys at Thompson Steinberg.

Scott M. Tanner, Esq.

P: 951-359-1209



Scott M. Tanner is a partner and co-founder of Thompson Steinberg.  He has extensive experience in all aspects of commercial and consumer/retail collections, debt litigation, creditor’s right, and FDCPA, RFDCPA, TCPA, and FCRA compliance and litigation.  Mr. Tanner has successfully represented business entities of various sizes – ranging from small, mom-and-pop type local businesses, to major national and multinational corporations.  He enjoys hanging his left hand out the car window while driving to court.

**The information presented here is general in nature and is not intended, nor should be construed, as legal advice for a particular case. This blog posting does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult with your own attorney.**


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