Money Minute: Settling debt

Money Minute: Settling Debt

A new program is now available in Minnesota to help you settle debt that you are accountable for.

“Minnesota is one of 33 states where we offer the debt resolution plan, where we can help consumers who have debt that is charged off,” said Thomas Nitzsche with Money Management International (MMI).

Charged off means the creditor that gave you the money deems your debt is uncollectible and perhaps turned the debt over to a collection agency, but you are still responsible for that money.

MMI has always offered debt management plans, but now has added debt resolution plans, helping you negotiate with the collections agency.

“Usually it’s about a 50% settlement of however much they owe in order to get that debt resolved before it reaches a legal status,” Nitzsche said.

Paying the settlement that MMI negotiates with a debt collector can get you on the road to resolving that debt.

“We can take them through the settlement process instead of making them do it on their own,” added Nitzsche.

MMI does charge a flat fee for its service, and as they help you pay it, they keep the focus on consumer education so you can stay out of debt.
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