Debt Settlement
Is a loan to pay off my debt available? Is bankruptcy an option? How much does this service cost? Will I still be receiving harassing phone calls from creditors? What is an unsecured debt? What is secured debt? Must I include all of my debt? Are debt consolidation and debt settlement the same thing? What is the length of time that the program takes to complete? How can I become debt free?
Debt Consolidation
What is debt consolidation? How does debt consolidation work? How long does it typically take to complete the debt consolidation program? What is the reduced interest rate program? IIs a debt consolidation loan an option? Is bankruptcy an option? What is the cost of this service? Will I still receive harassing phone calls from my creditors? What is unsecured debt? What is secured debt? Must I include all of my debts? Are debt settlement and debt consolidation the same thing?Can I still use my credit cards? What do I need to do to get started?Is my personal information stored in a confidential manner? What is the length of time? How can I become debt free?
Is a loan to pay off my debt available? Simply, a debt consolidation loan usually requires some sort of collateral, such as a home, car, 401k, retirement funds, or something similar. This type of loan will not reduce the amount of money you owe. It will only place your assets unnecessarily at risk and extend your debt further into the future, and, should you suffer a future financial setback, you may be putting the family home at risk. And, in this tight credit market, loans are hard to come by even for people with good credit.
Is bankruptcy an option? Bankruptcy should always be the choice of last resort. It is a serious decision that should only be made with the consultation of an attorney. Although doing so will eliminate your debt, taking this action will have long-term effects negative on your credit. The first thing to consider is the cost. Filing for bankruptcy can cost $1,200 to $2,500. You must go to court and this may mean that you will have to face some of your creditors. Additionally, a bankruptcy will remain on your credit history report for 10 years, and may impact your ability to obtain further credit. It can even affect your ability to obtain employment. Also, a bankruptcy on your credit history may affect the cost of various types of insurance and make it difficult to find a place to live. With the new bankruptcy legislation, declaring bankruptcy is much more difficult because of the, more rigid criteria.
How much does this service cost? We are very aware of the financial bind that our clients are experiencing, and we pride ourselves in providing our clients with a superior level of service, which they deserve and should expect. Therefore, we charge a very minimal service fee, based upon the amount of debt that the client has. Upon review of a client’s account, our counselors will be able to advise each client of the exact fee required.
Will I still be receiving harassing phone calls from creditors? When you enroll in the program, your collection calls will begin to subside as we begin to manage your account. Within as little time as 2-4 weeks, you can begin to answer your telephone again, being assured that most calls will not be a harassing creditor.
What is an unsecured debt? Unsecured debt is debt for which no collateral is held by the creditor that they can take back if the debtor defaults on their scheduled payments. These are the type of debts that usually arise out of a contract you enter into with a creditor that enables you to obtain goods or services on credit in exchange for your guarantee to repay the creditor. The only recourse that these companies have is legal action.
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What is secured debt? Secured debt is a loan for which the creditor retains a security interest in an item of real or personal property, such as an automobile or a house. Secured loans, such as a mortgage or an automobile loan, cannot be consolidated, as well as any loan cosigned with another person. Laws in regards to home mortgages vary from state to state, and the lenders rights are usually contingent on the mortgage terms, as well as other mitigating factors. With these types of debt, it is important to seek competent legal counsel to make sure that your interests are protected.
Must I include all of my debt? You can pick and choose which accounts you would like for us to handle. It is typically recommended that you include all or most of your unsecured debt. These options will be discussed during your initial consultation, which is free.
Are debt consolidation and debt settlement the same thing? No. With a debt settlement program, skilled professionals will work to negotiate for you to significantly reduce your unsecured debt. In most cases, you will only pay a fraction of what you owe. With debt consolidation, you will end up paying the entire principal, but your interest rates will be reduced, meaning that a greater portion of your payment will go toward paying off the principal amount owed, thus getting you out of debt in a fraction of the time.
What is the length of time that the program takes to complete? The time it takes to complete the debt settlement program can vary from case to case and will be determined during your free consultation. Usually, we are able to have you debt free in as little as 24-60 months in our program.
How can I become debt free? Simply sign up for a free analysis and a free consultation.
What is debt consolidation? Debt consolidation is a process that allows a team of professionals to reach an agreement with your creditors to secure a lower and more affordable monthly obligation necessary to fully satisfy all of your creditors. Although this is not a loan, we are able to help our clients to dramatically reduce their overall interest rate, monthly payments, most importantly pay off time.
How does debt consolidation work? Each one of the accounts that you enroll into the plan is consolidated into one manageable monthly payment that is then disbursed to your creditors each month, typically, at an interest rate that is lower than what you are currently paying.
How long does it typically take to complete the debt consolidation program? The completion time of the program can vary 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 typically 4-6 years. This process can save you thousands of dollars in finance charges.
What is the reduced interest rate program? The reduced interest rate program is a program that has been designed to reduce or even eliminate your interest charges and help to stop over limit and late fees. It is designed to reduce your unsecured debt pay off time by lowering your interest rates. This exclusive program affords you the chance to:
Is a debt consolidation loan an option? For a debt consolidation loan you are usually required to put up some type of collateral (i.e. home, 401k, car, or retirement funds, etc.). This type of loan is not intended to reduce the amount of money that you owe. It only places your assets at risk and extends your debt even further into the future.
Is bankruptcy an option? Bankruptcy should be an option of last resort and is a serious decision in which you should always consult competent legal counsel. Though it will eliminate your debt, taking this action will definitely have a long-term negative effect on your credit. First consider the cost: filing for bankruptcy can cost $1,200 to $2,500. You have to go to court, and you may have to face some of your creditors. Additionally, a bankruptcy will remain on your credit report for 10 years and may impact your ability to get credit, and possibly even get employment. Having a bankruptcy on your credit history will affect the cost of various types of insurance, and can even affect your ability to find a place to live. Also, with the new bankruptcy legislation, declaring bankruptcy is more difficult having to meet the more stringent criteria.
What is the cost of this service? We are very aware of the financial crunch our clients are under, and we pride ourselves in providing our clients with a superior level of service which they deserve and should expect. Therefore, we charge a very minimal service fee which is based on the amount of debt the client has, as well as the total number of creditors they are enrolling into the program. Upon review of a client’s account, our counselors will be able to advise a client of the necessary fee.
Will I still receive harassing phone calls from my creditors? Upon enrollment in to the program, your collection calls should begin to subside as we begin to take care of your account. In about 2-4 weeks, you can begin to answer your phone again, knowing that it will likely not be a creditor on the other end.
What is unsecured debt? Unsecured debt is debt for which a creditor holds no collateral or property that they can take back if the debtor fails to pay. These debts generally arise out of a contract that is entered into with a creditor that allows you to obtain goods or services on credit in exchange for your promise to pay that creditor back. If you fall behind on this type of debt, the only recourse the lender has is legal action.
What is secured debt? Secured debt is a loan in which the creditor holds a security interest in an item of real or personal property such as a house or an automobile. Secured loans, such as a mortgage and automobile loans, cannot be consolidated, as well as any loan cosigned with another person. The laws in regard to home mortgages differ from state to state, and lenders rights are usually dependant on the mortgage terms, in addition to other mitigating factors. With these types of debt, it is important to seek the advice of competent legal counsel to protect your best interest.
Must I include all of my debts? With the exception of a few creditors, generally speaking, you may select which accounts you would like for us to manage. It may be recommended that you include all or most of your unsecured debts, especially if they have a high interest rate. These options will be discussed during your initial consultation, which is free.
Are debt settlement and debt consolidation the same thing? No. With debt settlement, skilled professionals negotiate on your behalf to reduce your debt significantly. In most cases, you will only end up paying a fraction of the money you owe. In a debt consolidation program, you will pay the entire principal; however your interest rates will be reduced, resulting in a greater portion of your payment going towards principal, thus getting you out of debt in a fraction of the time.
Can I still use my credit cards? Any credit card that you include in our program may not be used once you are enrolled into the program.
What do I need to do to get started? All that you need to do is to complete our form and submit it to one of our trained professionals, and somebody will contact you within 24-48 business hours.
Is my personal information stored in a confidential manner? Absolutely. Debt Options and its affiliates are bound by the “Rules of Professional Conduct”, and we will maintain your confidentiality at all times.
What is the length of time? This varies according to the types of debt included, but typically, you will be debt free in as little as 48-60 months.
How can I become debt free? Simply sign up for a Free Analysis and a free consultation.
