Credit card debt settlement is a negotiation offer to the creditor to settle of the debt for paying less than the full amount by the borrower. This can be beneficial for both the parties as the creditor won’t need to hound you for the money and the borrower could achieve financial relief. Settling credit card debt in Dubai sound like a good deal.
If you are also stuck in a debt trap and are unable to get out of it, credit card settlement in Dubai can be a workable option. A debt settlement company can help you to do so. They can negotiate with your creditor to reduce what you originally owe. However, credit card settlement should only be the last resort if you are really unable to pay off your debt at all.
Before applying for a credit card settlement in UAE, you need to do your homework properly.
• You need to connect to the creditor either virtually or physically. It would be great if you visit them personally for settling credit card Debt UAE. You can go to meet them either on your own or with the Counselor of your debt settlement company.
• You need to explain to your creditor regarding your inability to make payments. Your circumstances need to be told to the creditor wisely so that he can analyze your situation.
• At last you need to offer either a lump sum payment or an alternative option for credit card settlement.
There are certain ways for settling your credit card debt Dubai and let you achieve financial stability
• Lump sum payment
Under this way, the borrower needs to make a lump sum payment towards your credit card settlement. This amount is typically much less than what you originally owe. However, repayment of the amount in lump sum must be in cash to get rid of the debt quickly.
• Workout option
In this option, the borrower negotiates with the creditor to reduce the interest or minimum payment required for the debt due to his inability to pay off the Debt. Then your creditor will either approve or deny your settlement.
• Adversity settlement
When the borrower is unable to pay off his debt due to some hardships such as illness, any disability, loss of job etc. Then the borrower can request the creditor to waive off his interest or reduce it up to some extent as the borrower is facing certain hardships.
Lotus Debt Management can help you to settle your overdue debt. Our professional counselors can provide your creditors with appropriate negotiation offer which has more chances to be approved. We can even help you to convince your creditor to approve the offer. Our financial consultants can help you to achieve financial stability in life.
To live a debt free life, please connect with us on the following numbers :
+971 50 308 3722 / +971 50 797 9051 / +971 56 159 1000 / +971 55 1098039