Do you know what does the word relief mean? If you understand the meaning of this word, you will not ask whether settlement does provide legal relief from debt or not. It would not be incorrect to say that debt settlement is the only solution that will help you overcome the problem. Surprised? Is it not a damning indictment of all other debt relief options?
Well, in my opinion, it would be incorrect to say that any other solution apart from debt settlement is a real debt relief option. In all other cases, the individual is not permitted to face a debt problem at all. It is only when the individual is facing a minor administrative or logistical problem does he opt for these solutions.
A consolidation loan is taken primarily to take advantage of the low interest rate regime in the market. You do not get the freedom to skip repayments. You do not get a drastic reduction in the total amount owed.
Considering all this, how can you even call this debt relief? It is nothing but a solution that helps you take advantage of a changed scenario in the market. Needless to say, debt consolidation or other such solutions is of no use for a person who is at the brink of bankruptcy.
Sadly, most of the Americans are stuck in such a scenario where a single financial crisis is enough to send them over the edge. By crisis, I do not mean any formal or significant happening. Even a flat tire at a wrong time can have a significant impact on the finances.
If you are stuck in such a scenario, do not waste your time by checking out debt relief options that are just cosmetic measures. Instead, you should go in for settlement as quickly as possible. Just make sure it is a legal remedy.
That is to say, the consent of the creditors obtained and you work on the basis of the mutually determined agreement. If you end up acting in a unilateral manner or if you end up simply hiding from your creditors during negotiations, that would not be a legal settlement.
The World Wide Web is the best place to find legal solutions. You will also find useful information about the various facets and aspects of a debt relief option. Hence, the next time you worry about your debt problems, just make use of the web and get the relief that you want without even stepping out of your house.