Frequently Asked Questions

1. What are my options for debt relief?

Debt relief options are numerous from most debt companies. The typical company is going to provide settlement services which work for their clients. The recommendation from consolidation to bankruptcy will be determined by your current situation and whether you need something as drastic as bankruptcy. Most who are going for debt relief will see a settlement plan works the best. It offers quick relief from payments by reducing what you pay on a monthly basis, thus it is often faster than consolidation. It also does not hurt your credit like bankruptcy does.

2. What is debt consolidation?

Debt consolidation requires your creditors and you to make an agreement for the lowest affordable monthly payment as a way to pay off your debts satisfactorily. Consolidation is not a loan, but rather a means to reduce the interest rate, payments, and the pay-off time.

3. What is debt settlement?

Debt settlement is a cost effective debt management concept in which you reduce the debts you have. It can be called negotiation or DNS depending on the company. The idea is to eliminate debts that exist.

4. How does the debt consolidation program work?

With debt consolidation your accounts are placed into one monthly payment which is affordable to you, allowing your creditors to gain a payment on the same date each month. The amount of the payment you make is split up between the different creditors.

5. How long will it take to complete the debt consolidation program?

The time it takes for your consolidation does vary. Each case is different and when you talk with your free consultant they will review your situation. Fill out a form so the process can begin today. Most often debt that takes 15 to 30 years to pay off is paid off in 4 to 6 years, although it is dependent on the total debt you owe. Consolidation can save you thousands in finance charges.

6. Is a debt consolidation loan an option?

Consolidation loans usually require collateral given the type of situation you are in with debt. You would need a home, retirement funds, 401K or car as the collateral. The loan does not reduce the amount of money you owe. It just places it into one account and your accounts are at risk in the event your debt does not get paid off.

7. Is bankruptcy an option?

Bankruptcy is certainly a choice you have, but it must be your last resort. You need to speak with a qualified bankruptcy attorney to discuss your situation. Bankruptcy does eliminate your debts, but it has a negative effect that lasts seven years. The bankruptcy can also be on your credit history for ten years even though it cannot be held against you after seven. You also need to think about the costs for bankruptcy which can be anywhere from $1,200 to $1,500. It takes time to go to court and you need to face your creditors. It can be difficult to obtain insurance and other financial products once there is a bankruptcy on your credit history. New legislation has made it tougher for a declaration of bankruptcy. You have to meet certain criteria in order to qualify for bankruptcy.

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