WCM can assist you with all types of unsecured debt:
An unsecured debt is an obligation or debt that does not have property used as collateral to secure it i.e a car, home or other personal property. If you fail to make payment on an unsecured debt, the creditor cannot take any of your property without first suing you and getting a court judgment.
A secured debt will have personal property serving as collateral for the debt. If you fail to make payments, the creditor can take the property. Creditors rarely negotiate on these types of contractual defaults.
Common Types of Unsecured Debts
Common types of unsecured debts include:
credit cards; purchased charge-offs;
student loans;
telephone, gas & electric, and other utility bills;
medical bills;
personal loans - not requiring collateral (signature loan);
court judgments that have not yet been enforced through legal remedies such as garnishment or bank levy;
Past due rent.
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Primary creditor vS Debt buyer
Debt purchasers buy portfolios of delinquent debts from creditors who give up on internal collection efforts. These debt purchasers pay pennies on the dollar for full rights and authority to pursue the balance. Their efforts are much like the primary, after all, the debt is still owed and if it is well within the statutes of limitations, they can take the same legal actions as the original creditor. Settlements with most debt buyers depends largely on their perception of the borrowers solvency. Our goal is to present the relevant facts of your financial condition and negotiate settlement terms at the maximum reduction. Over the course of business, WCM has built relationships with many of the debt buyers, primary collection agencies and their attorneys which provides us with much more leverage then our alleged competitors or the average consumer-resulting in more successful settlements.
