Debt Resolution is a bankruptcy alternative that reduces debt by negotiating with your creditors to accept less than the amount you owe. This arrangement usually involves a low monthly payment on a program which can last from two to five years and which requires the monthly savings of funds in order to fund reduced balance settlements.
Roncor’s debt settlement program is attorney-based. Upon enrollment, creditors are notified of the Roncor’s representation of you and your debts and creditors are no longer allowed by law to contact you directly, only us.
Do the Math
When analyzing your situation you should review your options and “do the math”. Take a close look at the interest rates, payments, and charts on your current credit card statements. How long will it take you to pay off your balances making minimum payments?
For example, if you owe $30,000 to credit card companies with a 19% interest rate, and make minimum payments only, it would take you approximately 40 years and a total of $81,000 to pay off your balance.
If you enroll the same debt of $30,000 into a Law Firm Loss Mitigation Program and select a three year plan with an approximate payment of $500 a month, your payoff, with debt forgiveness from your creditors (including legal fees), would be approximately $18,000. This option would save you $63,000
and 37 years!
*Individual results may vary based on consumer’s specifi c engagement with law fi rm, willingness of creditors to negotiate, ability to save funds, and types of debts. Law fi rms charge fees. Programs not available in all states. The chart below is for illustration purposes only, limited to a potential (not guaranteed or actual) result. It is not intended to compare the options between the bars, and instead simply to show one of many possible considerations for this type of program in each program. Other considerations and risks may exist, so review all program materials carefully and speak with the appropriate law fi rm representative to answer any questions.