1. What are my options for debt relief?
Most debt companies can provide several options for debt relief. Our top pick provides debt settlement services to their clients. They can also recommend companies who provide debt consolidation, or even bankruptcy services. For most who are looking for debt relief, a debt settlement plan may work the best. It provides quick relief of payments by reducing the amount you need to pay monthly. It's also faster than consolidation, and generally won't hurt your credit rating as badly as a bankruptcy.
2. What is debt consolidation?
Debt consolidation is a process that allows a professional firm to reach an agreement with your creditors to achieve the lowest and most affordable monthly obligation needed to satisfy all your credit accounts. Although this is NOT A LOAN, we are able to assist clients in dramatically reducing their overall interest rate, monthly payments, and most importantly pay-off time.
3. What is debt settlement?
A debt settlement program is a unique, cost-effective debt management approach to eliminating your outstanding debts. Debt Settlement is also referred to as debt negotiation or DNS.
4. How does the debt consolidation program work?
All of your accounts are consolidated into one manageable monthly payment that is then disbursed to your creditors each month on the same date.
5. How long will it take to complete the debt consolidation program?
The length of time necessary to complete the program varies from case to case and will be discussed with you in your free consultation after review of your online consultation form. Depending on the total amount of your debt, the pay off time can be reduced from 15-30 years down to 4-6 years. This process can drastically save you thousands of dollars in finance charges.
6. Is a debt consolidation loan an option?
Simply, a debt consolidation loan usually requires collateral (i.e. home, car, 401k or retirement funds, etc.). This type of loan will not reduce the amount of money you owe. It will only place your assets at risk and extend your debt further into the future.
7. Is bankruptcy an option?
Bankruptcy is the option of last resort and a serious decision in which an attorney should be consulted. Although it will eliminate your debts, taking this action will have a long-term negative effect. First consider the cost; filing for bankruptcy can cost $1,200 - $1,500. You must go to court and may have to face some of your creditors. Additionally, a bankruptcy remains on your credit history for 10 years and may impact your ability to get credit, or possibly employment. Also, a bankruptcy on your credit history can affect the cost of various types of insurance and even a place to live. Also with the new bankruptcy legislation about to go into effect, declaring bankruptcy will be much more difficult unless you meet the new more rigid criteria.
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