Massachusetts is a state that wants to make sure its citizens are not taken advantage of by creditors and collectors and created laws that help out the consumer friendly laws, Fair Credit Reporting Act and Fair Debt Collections Practices Act. In the state of Massachusetts the Attorney General has an oversight of all the debt collection practices and regulations in the state. All debt collection agencies that are licensed within Massachusetts must be renewed annually. To help work with collection agencies and creditors, debt settlement companies were created.
Debt settlement companies differ than debt collectors because they do not purchase the debt but rather negotiate for a smaller amount on the consumer’s behalf. Collection Agencies buy the debt from creditors at an exorbitantly low rate. A debt settlement company will talk to the creditor or collection agency that has your debt and negotiate it down to a small amount. Most debt settlement companies have relationships with creditors/collectors and know how to contact them quickly and get the best possible rate. Creditors and collectors want the debt amount to be paid off, so they are willing to a percentage of the total debt owed. Most debt settlement companies can offer at 40% off the original amount of debt owed.
Massachusetts debt settlement is a legal solution for consumers who are in debt and seeking an alternative to bankruptcy. Pay As You Settle (PAYS) adheres Federal Trade Commission (FTC) ruling for the debt settlement industry that stated, debt settlement companies cannot charge for fees before services are rendered (settlement has been reached). Since PAYS was created with the consumer in mind,this program began months before the law became intact. The Pay As You Settle (PAYS) debt settlement program is the process of negotiating with creditors to reduce the overall debt into a manageable lump sum payment. Most debt settlement cases involve unsecured debt; these include medical and credit card debts. Student loads, auto financing and mortgages are secured debt, these cannot be negotiated. Collection Agencies /junk debt buyers agree to take less than the owed amount to the creditors since they bought the debt at a fraction of the overall cost. Most good debt settlement companies can cut the balance of the debt by 35-50% and then pay the creditor with a lump sum to resolve the debt amount.
The PAYS program is an accredited and respected program in the debt settlement industry. We understand that it is hard to talk about debt and ask for help, but PAYS is here to help. Our dedicated negotiators work on reaching a reasonable settlement for consumers with unmanageable debt. PAYS has settled various debts which include loss of insurance, medical bills, divorce, etc. Our goal at PAYS is to get a consumer back on track to financial well-being.
Our debt settlement program is free* for consumers with any amount of debt. If you feel you need help with your debt, fill out the form on the left or call 1-877-413-0338 to talk to our debt settlement negotiators.
Pay as You Settle® (PAYS) is the nation’s leading and only state-certified pay as you go debt settlement program. Our goal at PAYS is to ensure that each customer gets back on track to financial well-being.
*Debt settlement program is free until services are rendered
