Because bankruptcy should be avoided if you care about your country's economy, the large number of individuals who chose bankruptcy to clear their debt contributed to the economy's decline. Therefore, the government does not recommend insolvency as a method of debt clearance. The government actually favors a debt settlement program. They will unquestionably support your decision. You may be asking yourself how.
When you opt for debt settlement and receive a reduction, the government pays the creditor for that reduction; otherwise, the creditor would not offer any reduction. However, nobody loses in this scenario; the creditor receives payment, you receive a substantial reduction in what you owe, and the government prevents individuals from declaring bankruptcy. It took a long time for people to realize that this is the correct step towards a stronger economy and a more accountable nation.
There is no answer to the question of how you should prepare for debt settlement. When individuals opt for resolution, they are spared a great deal of trouble. The only thing they require is themselves and their debt. The remainder will be handled by the debt settlement organization and creditor.
If you were able to obtain the discount, you should carefully consider which mode of payment to use. There are two payment options: a fixed sum and convenient installments. Although the second option may seem preferable, you must consider the possibility that it will cost more in the long run. Before deciding how to pay, make sure you bear this in mind.""
" - https://www.affordablecebu.com/