Get in contact with truster debt specialist who facilitate your long-term financial health by presenting the wide range of debt-relief options available to you. These include student loan consolidation, debt consolidation, debt settlement and tax debt relief.
Debt settlement is a debt relief option that has become increasingly popular among people who need relief from high-balance credit cards (typically $20,000 to $125,000 or more). Through debt settlement, debt specialists negotiate with creditors on your behalf – with the goal of "settling" your credit card debt for substantially less than you currently owe.
Debt consolidation is a debt relief option allowing individuals to combine or "consolidate" multiple higher-interest credit card, or other unsecured debts (such as medical bills, store or gas cards) into a single, more affordable payment each month. Typically, debt consolidation programs are coordinated by debt counselors who customize a "debt management plan" providing consumers with a proven and predictable path to get out of debt.
Reduce monthly payments and extend lending time by consolidate your student loan. Student loan Consolidation is available to help students reduce unmanageable education debts by combining all their outstanding loan into a single loan
Federal loan consolidation doesn’t have a credit requirement, and it offers the benefit of a single loan bill and potentially lower payments. But it’s only for federal loans, and it won’t cut your interest rate. Consider federal consolidation if you:
When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan. You’re generally eligible once you graduate, leave school or drop below half-time enrollment. Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%. So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
MORE: Find Your Federal Student Loan Consolidation
Additionally, you’ll get a new loan term ranging from 10 to 30 years. Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors.
Debt settlement is a debt relief option that has become increasingly popular among people who need relief from high-balance credit cards (typically $20,000 to $125,000 or more). Through debt settlement, debt specialists negotiate with creditors on your behalf – with the goal of "settling" your credit card debt for substantially less than you currently owe.
Pros of Debt Settlement
Cons of Debt Settlement
If you have one or more high-balance credit cards and are going through financial hardship – credit card companies may agree to "settle" your credit card debt for substantially less than you currently owe.
How does debt settlement work? A debt relief specialist will review your current credit card debts and the amount of money you can afford to set aside each month to accumulate a "settlement fund". Debt specialists will then negotiate with credit card companies on your behalf with the goal of settling debt for substantially less than you currently owe.
How much debt settlement could potentially save depends largely on the amount of credit card debt involved, your current financial circumstances – and the settlement policies of credit card companies.
It's important to understand that, just as no two debt situations are exactly alike, no single debt solution is right for everyone. Your debt specialist can provide more details regarding debt settlement or debt negotiation as part of your free debt relief analysis and savings estimate.
Pros of Debt Consolidation
Cons of Debt Consolidation
If you have multiple credit cards and other unsecured debts like medical bills, doctor bills, store cards, unsecured personal loans, and more – a debt consolidation program coordinated through a debt counselor may be the ideal debt relief option to help you live within a set budget, reduce debts, and get on a path to become debt-free.
How do debt consolidation programs, or debt management plans work?
Typically, debt consolidation programs are coordinated by debt relief specialists, or debt counselors, who conduct brief interviews with you to get details on your credit cards and other debts, as well as how much you can realistically afford to pay each month to get out of debt.
New government regulations in place to help protect consumers in need of debt relief.
Based on this information, your debt specialist will then customize a "debt management plan" for you. Once you approve the plan, letters will be sent on your behalf to each of your creditors requesting the benefits of debt relief – such as lower interest rates, a waiving of late fees and penalties, and generally more favorable repayment terms. Those creditors who accept the proposals are then added to the debt consolidation or debt management program. For those that do not accept debt relief proposals, you are still obligated to live up to the original terms of your cardholder agreement.
It's important to understand that, just as no two debt situations are exactly alike, no single debt solution is right for everyone. Your debt specialist can provide more details regarding debt consolidation or debt management as part of your free debt relief analysis and savings estimate.
The first step is deciding what her to hire a debt settlement company or lawyer to negotiate a settlement. You could do this yourself. The goal is to reduce significantly the amount you pay. Experience helps So does having enough money to make a lumpsum offer. Start saving immediately.
Next, meet with the original lender, plead for mercy and ask if they’re willing to settle. If your account is more than six monthsover due, the debt likely has been turned over to a collection agency, who has the opposite goal: They want to get as much money from you as they can.
It could take three years to save enough money to make an offer. Usually, you are asked to stop paying creditors and insteads end monthly payments to your representative to build an acount. Meanwhile, interest charges on your debt grow and your account balance grows with it.
It’s time to make an offer. Be patient. Creditors have no obligati on to accept debt settlement offers. This could take months, maybe years. If creditor accepts, get it in writing. Also, ask the credit or to send the major credit bureaus notice that the debt has been settled.
Now, see if you saved money. Debt settlement companies usually charge 15% of the amount owed or 25% of the amount saved. Lawyer s could charge an hourly rate or standard fee. There also are taxes owed to the IRS on the amount for given. It is not a sure thing you came out ahead.
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