Resolving your debt for less saves you money. With some negotiations, most creditors will agree to accept a reduced amount as payment in full. You pay less and the debt goes away.
You must negotiate with the creditors to resolve your debt for less. The creditor’s offer may be too high for your budget; your offer may be too low for the creditor’s guidelines. Paydoff guides you through negotiations to end up somewhere in the middle, resolving your debt for less than the balance.
Once a creditor accepts to resolve your debt for less, payment is usually expected within 30 days. Before you start negotiating, you must have money available. Build up your money in a Contribution Account, a bank account dedicated to resolution funds. Paydoff tracks this account and alerts you when it may be time to make an offer.