Our Proven Debt Settlement System

Debt Settlement

Debt Settlement is the fastest and least expensive option to get out of debt without filing bankruptcy. Also known as debt negotiation, debt settlement is a proactive approach for debtors who are feeling the strain and stress of too much debt and are considering bankruptcy.

Patch My Debt will negotiate with your creditors on your behalf, to settle for an amount much less than what is currently owed. Once the debt has been paid in full on the settled amount, the creditor will issue a letter to the credit bureaus stating that the debt has been "Settled in Full," "Settled," or "Paid As Agreed."

The reason creditors are willing to settle the balance of the debt is because if you choose to file for bankruptcy, they run the risk of receiving nothing.

Patch My Debt specializes in negotiating your debt with IAPDA Certified debt arbitrators employing aggressive tactics to reduce your debt by up to 60 %¹. Our negotiating process has been tested and developed over years of experience by our team of professionals in the field of finance and credit card debt. We have established relationships with creditors and financial institutions. Our goal is to settle your debt for as low as possible.

STEP 1	Call or E-mail us for a free consultation. We will analyze your financial situation and determine whether our Debt Settlement system is for you.
STEP 2	We will work with you to determine the appropriate monthly dollar amount you plan to save towards a negotiated settlement. Usually, this is much less than your current minimum payments. This goes towards paying your debt (not credit card interest charges). These funds will be saved every month in a special purpose account that you can view online anytime. We cannot access the funds except to pay a debtor or financial institution when a settlement is reached.
STEP 3	Once enrolled in Practical Debt Reliefs program, we immediately exercise your rights under the FDCPA (Federal Debt Collection Practice Act) in an attempt to handle future creditor communication and eliminate the harassing creditor phone calls.
STEP 4	After enough funds have been accrued to make reasonable offers to creditors, we will start the negotiating process. Normally, we attempt to reduce debts by up to 60 % of your current balances. We will keep you notified of ongoing negotiations. Please note, it can take several months of savings before we are in a position to make settlement offers to creditors.
STEP 5	Once a settlement is negotiated, we initiate payment from your special purpose account. We then request that your creditors report to the credit bureaus that your accounts be considered "Settled in Full," "Settled," or "Paid As Agreed." This process will be repeated with each creditor until you complete our program and achieve financial freedom.
STEP 6	Once all debt has been settled, we discuss your results and determine what steps you wish to take. If you are interested in credit repair², buying a home, purchasing an automobile, or any other financial service, we will help you find a company that will fit your needs.