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Settle My Loan's Debt Settlement program is an excellent solution for those grappling with significant unsecured debt due to unexpected circumstances such as job loss, medical emergencies, or pay cuts. If you find it challenging to keep up with your loan or credit card payments, our program may be the ideal choice for you.
Debt Settlement demands a disciplined strategy and unwavering commitment. Before considering this option, ask yourself:
At Settle My Loan, we don't charge any monthly maintenance fees. Our fees are straightforward—12% plus GST of the settled debt amount.
You have complete control over the special purpose account set up in your name. The funds in this account belong to you. Fees for Settle My Loan services are deducted as per an agreed-upon payment schedule. Funds are moved for creditor payments only with your explicit authorization.
We recommend not enrolling any low-balance credit cards or loans that you can pay off quickly. This will help in negotiating settlements for the other accounts, as creditors tend to be less willing to negotiate if they see selective settlements.
Yes, interest and late fees will continue to accrue on your delinquent accounts. However, our objective is to negotiate a significant reduction in the total amount you owe, including any additional interest and fees.
We operate on a self-save model, wherein you set aside funds in a Escrow Account for the Debt Settlement program. Our fee is 12% plus GST of the total settled debt amount. This fee is earned progressively as we successfully settle your enrolled accounts. Our aim is to help you achieve 40-50% plus savings on your enrolled debt and expedite your journey to financial freedom.
We can negotiate your settlement so that you become debt free, in most cases without it affecting your credit score.