Debt forgiveness as it relates to unsecured debt (e.g., credit cards, medical bills, personal loans), occurs when a portion or all of your principal balances are eliminated by your creditor.
There are a variety of options in resolving unsecured debts. However, resolving your debts quickly and completely typically takes place only in bankruptcy and debt mediation.
Bankruptcy: In a court-ordered proceeding, secured creditors are paid, such as those holding mortgages or auto loans. Your remaining funds and assets are used to pay off unsecured creditors. If there are not enough funds to pay your unsecured debts, the remaining balances are forgiven.
Debt Mediation: In debt mediation, negotiations take place with unsecured creditors. A settlement amount is agreed upon to pay your unsecured debt balances for an amount that is less than you owe. Once these settlements are paid and the account is “Settled,” the creditor forgives the remaining balance.
How can GRT Financial have your debt forgiven?
GRT Financial’s Debt Mediation programs work on your behalf. Our Professional Settlement Negotiators work with your creditors to save you money. Due to years of experience, GRT Financial has distinct advantages in negotiating settlements for you. A few of these benefits include:
- Leveraging thousands of client accounts to promote better settlements
- Continually analyzing creditor settlement trends, historical data, and new developments
- Key relationships with creditors to facilitate better forgiveness opportunities
Our goal: Obtain the best settlement agreements to have your debt forgiven. You can rest easy knowing these debt obligations are no longer a shackle on your life.
A free consultation with GRT Financial is only a phone call away. One of our Debt Specialists will help identify what debts can be settled, how we can reduce what you are paying each month, and what debt forgiveness would mean for your financial future.
Contact our Debt Specialists at 855-374-9095. We are glad to assist you!