Debt Consolidation FAQ's
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Featured Articles
- What is Debt Consolidation?
- What is Debt Negotiation?
- Is Bankruptcy an Option?
- What are the benefits of a Debt Consolidation program?
- What kind of debt qualifies for Debt Consolidation?
- How much does the service cost?
- Is this a Debt Consolidation loan?
What is Debt Settlement?
Debt Consolidation or Debt Negotiation is the process of working with creditors to restructure your existing debt. Debt Consolidation is not a loan. However, it can result in lower monthly payments and a decrease or elimination in the interest accrued on your existing debt.
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What is Debt Negotiation?
Debt Negotiation or Debt Consolidation is the process of contacting and negotiating with a creditor in order to secure favorable repayment terms regarding a debt that you owe.
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Is Bankruptcy an option?
A bankruptcy is considered a last resort and is a serious decision which should involve consulting an attorney. Most financial institutions will not consider a credit application involving a bankruptcy that has occured within the past 3-5 years. Additionally, a Chapter 7 or 13 bankruptcy stays on your credit report for ten years and can ruin your chances to secure home, car or business loans. Other downfalls include potentially being excluded from certain employment opportunities or denied life insurance.
If you are struggling under mounting debt consider these serious negative consequences before making a decision to file for bankruptcy.
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What are the benefits of a Debt Consolidation program?
A Debt Consolidation program is a practical way to acheive financial freedom. It can lower your monthly payment to make your debt more manageable. It can also result in lower interest rates which can save you thousands and help you pay off your debt in no time!
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What kind of debt qualifies for Debt Consolidation?
Most unsecured debt can be consolidated in a Debt Consolidation program. These include credit cards, medical bills, student loans, taxes and bank credit lines. Secured loans, however, like mortgages or auto loans usually cannot be successfully consolidated.
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How much does the service cost?
Although some participating creditors voluntary fund debt settlement programs, our clients are always approved even if their specific creditor(s) does not support Fair Share contributions. Debt consolidation programs have an excellent success rate because creditors realize that sometimes it's necessary to help their debtors. You could instead choose to file for bankruptcy in which case the creditor would likely collect nothing. By agreeing to a debt consolidation program, the creditor can at least recoup the principal on your debt.
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Is This a Debt Consolidation Loan?
This is NOT a loan. This is a service wherein Bills and Debt arranges the proposal between you and all your creditors, manages the disbursement of monies, and handles the legal and customer service functions to insure successful debt reduction.
You need only make one lower payment per month applied toward all debt. We handle the rest. Simply fill out the FREE Debt Consolidation Quote form so we can start the process acheiving financial freedom!
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