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First, our counselors will request that you set aside a set amount of “settlement funds” on a monthly basis. This amount will be based on the amount of debt you carry and your income to expense ratio. Once you have accumulated enough settlement funds to make a reasonable offer to your creditors to settle the debt, Meridian Debt Relief will begin the negotiation process.
Each person's situation is different and the negotiation process will begin at different times depending on the amount of your debt. Once the creditors agree to a settlement amount, we will present this offer to you. If you approve of the settlement, we will instruct the creditor to fax the settlement offer in writing for your review. Our counselor will then host a three way recorded conversation between you, the creditor and Meridian to settle the account. Debts can be settled in two different ways.
1. One lump sum: one single payment, after which the debt is considered “settled.”
2. A term settlement: payments over an extended period of time until the agreed upon debt amount is paid for.
Our counselors will negotiate with each of your creditors until a debt settlement method has been agreed upon for all your outstanding debts.
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