Debt arbitration is also known as debt settlement or negotiation, though 'arbitration' infers that a third party is handling the negotiations between the two parties (in this case the creditor and the person in debt), and debt negotiation can be handled without any outside help.
No matter what you call it, the process involves negotiating with your creditor(s) to reduce the amount of money that is owed to them. Debt arbitration is a common alternative to bankruptcy, and most creditors are willing to discuss reduced payments over the alternative - possibly getting nothing were the borrower to successfully file a Chapter 7 or 13.
Most arbitrators or negotiation companies can successfully reduce balances by about half, but there are some consequences to your credit history.
For more information about debt arbitration, please see about settlement.
The followiing companies and/or Web sites offer free, no obligation consultations or debt relief comparisons.
CuraDebtCuraDebt, helping individuals and small businesses since 2000 nationwide, is the industry leader in providing 100% FTC compliant, licensed and/or attorney backed solutions for consumer and business debt.
Debt Consolidation CareAn "A" rated member of the Better Business Bureau, and operator of the Internet's first get out of debt community, get a free, no obligation counseling session from a Debt Consolidation Care financial coach.
Eliminate Credit Card DebtCompare debt consolidation and settment options among different companies quickly, easily and with no obligation by filling in just one quick form.
