Example of Debt Consolidation

Resolve your debt without paying exorbitant fees that can be 1000’s of dollars (see example below).

Debt Settlement fees are expensive. The typical Debt Settlement company charges 25% of negotiated savings. LMG Financial Solutions LLC will act in the capacity of a consultant as you negotiate with your charge card provider. We will ensure that you achieve an excellent result in debt reduction. The best part is that you will have accomplished debt reduction without having to pay 1000’s of dollars to someone else.

Speaking to your creditors can be frightening and intimidating. With our proven methodology you will be able to negotiate a great deal. We will be with you all the way as your consultant.

Your creditors want to settle with you. It’s a win for them to get 30% – 50% of your account balance. Their alternative is to sell your account for pennies on the dollar.

Example

  • You owe a credit card provider a balance of $10,000.
  • Debt Settlement company negotiates this debt down to $3000.
  • Fee to Debt Settlement company is $1750 ($7000 debt reduction x 25% = $1750)

Debt Settlement company

Original debt

$10000

Negotiated debt

$3000

Debt reduction

$7000

Fee to Debt Settlement company

$1750

Total Savings

54%

LMG Financial Solutions LLC

Original debt

$10000

Negotiated debt

$3000

Debt reduction

$7000

Fee to LMG Financial Solutions

$1000

Total Savings

60%

Note: Savings and fees are estimates only. We use a sliding scale based upon the total amount of outstanding debt to determine your fees.

There may be tax consequences when you receive a debt reduction. The good news is that most individuals going through debt settlement will be considered insolvent (owing more than what they have in assets) and will be exempt from paying taxes. As an experienced tax professional I will address the issue appropriately.

Please contact LMG Financial Solutions LLC for a complementary 30 minute consult to discuss how we can get your financial freedom on track.