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    Unsecured debt consolidation loans debt reduction without using collateral

     

    Eliminating debt is not an easy task. For this reason, many people carry high credit card balances for several years. Homeowners may take advantage of home equity loans or refinancing to reduce debts. In addition, persons with a vehicle title or collateral may obtain a secured personal loan to payoff debts. However, there are also options for eliminating debts that do not require collateral. What are Unsecured Debt Consolidation Loans? In a nutshell, unsecured debt consolidation loans are personal loan that do not entail collateral. Prior to a lending institution such as a bank or credit union approving a loan request, the applicant must submit some sort of collateral. Typical collateral includes a vehicle title. Hence, if the loan is not paid, the lender may claim the applicant's property. Because unsecured debt consolidation loans are not protected, they are harder to qualify for. Each lender has a different criterion. However, most lenders require good credit and a sizeable income. If you are hoping to become debt free, a debt consolidation loan is the answer. Although unsecured loans carry a higher interest rate, the rate is considerably lower when compared to credit card rates. Moreover, debt consolidation loans have fixed terms. Other Debt Consolidation Options without Collateral Again, qualifying for an unsecured debt consolidation loan is tricky. Some lenders do not offer these types of loans. Furthermore, the lenders that do offer unsecured debt consolidation loans have strict lending requirements. Unfortunately, it's impossible to get approved for an unsecured loan with poor credit. In this case, you may have to explore other alternatives. If a home equity loan or refinancing is not an option, you may consider transferring your high interest balances to a low rate credit card. This will lower monthly payments and make is possible to reduce debts. Another option involves consolidating debts through a credit counseling or debt management agency. These agencies negotiate lower interest rates, and consolidate debts without collateral or credit checks. If using such an agency, you will be placed on a payment plan. Because debts are consolidated, a single payment is submitted to the debt management agency each month. These companies are very effective, and can help you become debt free in five to ten years.

         
    Unsecured loans and debt consolidation

     

    Consolidating debt through an unsecured loan is one of the main purposes of unsecured loans. Especially for tenants and in general non-homeowners, eliminating debt by means of an unsecured loan is the most common way of doing it. As debt keeps growing, bills keep pilling up; a solution to this financial menace needs to be found without delay. Default and Bankruptcy are not an uncommon result of financial troubles and their consequences are dreadful. It is very difficult for someone who is in debt to repay with his own resources without generating more debt in the future. This is what is known as the vicious circle of debt. Unsecured loans are a great opportunity to avoid the effects of this situation while at the same time reducing debt in order to get debt-free in a short time. When you obtain an unsecured loan, you can use the money to pay off credit card balances, services and medical bills, store cards, other outstanding loans, etc. Bear in mind that since you don’t have to pay everything as soon as you receive the money, you can decide which debts are more onerous and cancel those first. Unsecured loans do not require an asset to be used as guarantee for the loan; this is the main reason why tenants and non-homeowners qualify for these loans easily. It may seem as this type of loans have been especially designed for non-homeowners. However, the truth is that homeowners usually get better deals, even for unsecured loans. This is due to the fact that the ownership of a property increases the overall credit of a person and thus, reduces the risk involved for the lender. Should you decide to apply for a loan, be especially cautious about APR, prepayment penalties, repayment process and other fees and costs. Though you may think you’re about to get a great deal because the rate is lower than every other loan, other fees may rise the overall cost of the loan and you’ll end up paying more than with those other options. There are many banks and financial institutions providing unsecured loans. Everyday, more and more lenders arrive at the market of unsecured loans. The loan industry is growing and you should take advantage of this fact. Many options are available for those seeking an unsecured loan. You’ll soon find out that most lenders have their own online site with online applications to be filled in order to apply for a loan. You can also make use of loan quotes and compare rates and other conditions. The wisest thing to do is to find an online company that offers a variety of lenders dealing with unsecured personal loans. There are few of these, but they present you with the possibility to access many lenders from a single site without having to find them all. You’ll be able to obtain quotes from all of them and compare before making a decision.

         
    Use debt consolidation to lower your monthly payments

     

    The past several years has seen an increase in the use of credit cards. While credit cards used to only be accepted at certain stores. In this day in age credit cards can be used virtually everywhere, from the gas station to the grocery store to even the fast food places down the street. While this revolution has certainly made life much more convenient, it has also made life for people more financially difficult. As any user of credit cards knows, the interest rates on credit cards tend to be quite high. With interest rates on creditcards running as high as 18% or even higher at times, it is all too easy to get caught up in a never ending cycle of interest rates and late fees. At the minimum payment, it can take you several years even decades to pay off even a small balance, so if you have a lot of credit card debt a debt consolidation company may be the way to go for you. If you are like numerous other consumers who have found themselves unable to pay even the minimum payments on your credit cards and unsecured debts, contacting a debt consolidation firm can be the best decision you will ever make. One monthly payment instead of many and sometimes dramatically lower payment amounts can relieve you of the stress you currently feel, stop creditors phone calls, and help you get out of debt a lot sooner than you could on your own. One of the best options when it comes to debt consolidation of your unsecured credit card debt is looking into joining a credit counseling company. What they can do for you is lower your monthly payments and even at times lower your interest rates and even eliminate late fees. So if you are caught in the evil web of credit cards we will be able to help you untangle your financial situation and get you out of debt. One of your financial goals should be to get our of debt. Would you like to only have one low monthly payment? Getting out of debt is as simple. With consolidation you CAN get out of debt. What can you consolidate? You can consolidate almost any UNSECURED debt such as credit cards and department store cards. We do not consolidate secured debt such as mortgages or car loans. Getting yourself into debt is easy, getting out of debt can be hard but we make it easy for you.

         
    Using a loan for debt consolidation

     

    If you have a variety of debts, then you may find it hard to keep up with when and where you should pay money, and you may also be paying more than you need to. If this is the case, then you should think about getting a debt consolidation loan. This means you can take all your debts and put them into once place, which will make it easier to budget each month and also reduce your monthly payments. Why get a debt consolidation loan? The main reason to get a debt consolidation loan is to get out of immediate debt the fastest way possible. By borrowing a large lump sum of money, you can pay off your existing debts and then pay back one monthly repayment. Although this payment may be lower than your current repayments, it is likely to take longer to pay off. Despite this, it gives you a fresh start and allows you to begin to move out of debt. How can I consolidate debt? Although the simplest way to consolidate your debt is to get one large loan, there are many other ways that you can consolidate your current debts and so reduce your monthly payments: Credit card transfers One way to reduce your monthly payments is to transfer credit card balances to new cards with a 0% fee. This can be useful if you can pay the debt off within the special offer timeframe, although it can be time consuming to keep switching between cards. Home equity loans One of the best ways to consolidate your debts is you’re a home equity loan. By securing a loan against your home equity, you will get the best interest rates and also be eligible for tax deduction against some of the interest. The only problem is that if you cannot make the repayments, you will lose your home equity or even your entire property. Another problem is that home equity loans are usually over a longer period, meaning that even if you save money in interest, the additional length means you might end up paying more back than your current debts. Retirement funds You can often access your retirement funds as a loan from your employers, although this should only be used in an emergency of if you have nowhere else to turn. Using your retirement fund can speed up the debt repayment, but may leave you with less money in the future, and if you quit your job then the loan will be recalled in full with immediate effect. Renegotiate with your current lender If your debt problems relate to your mortgage, then the only way to consolidate your debts or improve your situation might be to negotiate your current terms. Most mortgage lenders would rather renegotiate than repossess your home, as they will lose out if you default. Stretching out payments may help you to better manage your debt when you need to the most.

         
    Using consolidation loans to solve credit problems

     

    The consumer borrowing debt in the UK has reached records levels and more and more people are looking for ways to reduce and manage their credit. Whether you are purchasing a new car, booking a holiday or going on a spending spree and are using credit to buy these items, there comes a time when you must pay the credit back. This is where a lot of people come unstuck and often end up in financial difficulties. One way to help to clear outstanding credit is to take a consolidation loan. Consolidation loans can be a good way to help people pay off bills and clear debt. Banks, credit unions, finance companies and other lenders grant consolidation loans so that people can pay off a car, credit cards, medical expenses, student loans or whatever outstanding debt a consumer owes. Consolidation loans can be beneficial as the interest fees for a consolidation loan are often less than the finance charges of other debts. When people consolidate their bills through a loan, they also have only one loan payment to make each month rather than numerous smaller payments to various creditors. A consolidation loan can be a smart idea, but once a consumer has consolidated his or her debt through a consolidation loan, it is imperative that they not take on any more debt. What tends to happen is that people pay off many of their bills, so they're no longer receiving large monthly bills from retailers and major credit card companies. They begin to feel like they don't owe as much money as they did before, after all, the balance due on all those bills is zero! Many people start to use one or two credit cards, and before long owe several hundred pounds in addition to their consolidation loan. Consolidation loans can certainly be beneficial. The key to success with a consolidation loan is discipline. Once someone has consolidated their debts, they must maintain the discipline it takes to stop spending with credit. If they can't, they will often end up in deeper debt than before. If you are considering taking out a consolidation loan, seek financial advice before doing so. Taking out a consolidation loan is a way to help you out of your credit problems, not to get into more.

         
    Using home equity to consolidate your debts consider your repayment period carefully

     

    You have been overspending without realizing it and soon run into a cycle of debts. You know you have to do something about it and get out of this mess. Upon advice from friends and research online, you decided to use your home equity to consolidate your debts. Before you sign on the dotted line to consolidate your debt, consider your repayment period carefully first. Because your loan overall interest payment is determined both by the interest rate and repayment period. Although you enjoy a lower interest rate on your equity loan, you still might be paying more interest because of longer repayment period. Take for example: You have credit card debts of $10,000 and need to take up a $10,000 home equity loan. For simplicity, we’ll use 10% loan interest rate. For a 5 years loan, you will need to pay $212.47 monthly and incurred a total interest payment of $2748.20 when you finish servicing the loan. For a 10 years loan, you will need to pay 132.15 monthly and incurred a total interest payment of $5858 when you finish servicing the loan. From the above calculations (are estimates and are not guaranteed for any particular home equity loan), you can see that you will need to pay a much higher interest payment if you take a longer time to service your loan. A little bit of interest every month can take up to a lot over a long period of time. If you are wise enough, draw out your monthly budget. See how much you can afford to pay back the loan every month. The formula for saving your money on interest is simple, the shorter the repayment period, the lesser the total interest you incurred. But do take note of the late payment fees, know your limitations, and set a comfortable monthly sum where you know you can meet every month.

         
    Using the equity in your home to consolidate debt 3 things to know

     

    Using the equity in your home can be a great way to consolidate your debts and get control of your finances. By shifting your debts from several high interest credit cards to one low interest loan, you can save a lot of money and lower the amount of money you are spending to pay off your debt each month. Having only one payment to worry about each month is also a great benefit of consolidating with a home equity loan. While consolidating can be a wonderful idea, there are three important things that you should know before you take out a home equity loan. You could end up paying more in interest over the life of the loan. While the interest rate on a home equity loan is much lower than the interest rate on a credit card, if you take a long time, such as 30 years, to pay off your home equity loan that little bit of interest can add up to quite a lot over all of those years. Be wise and take the extra money you save each month and use it to pay off your home equity loan in record time. You could lose your house. While it isn’t highly likely, the possibility does exist. A credit card company can’t take your house away from you for missing payments, but a mortgage lender can. If you were to lose your job or endure some financial strains that cause you to miss a payment or two on your home equity loan, you could jeopardize your home. You may be tempted to use your credit cards. When you have a zero balance on your credit card statement, you might be tempted to use them more. Just because you no longer owe the credit card company, doesn’t mean you aren’t still paying for your purchases. Don’t make the mistake of filling up your credit card balances again, because then you will have a bunch of high interest debts to pay off on top of your home equity consolidation loan.

         
    Want to loose your debt

     

    I’m sure your answer is yes to this question. Yeah, you may want to loose your debt, but aren’t sure exactly how to do this. Did you know that there are a lot of people in the United States who are in more debt today than we’ve ever been? We’re also saving much less! That’s right. Even though we make more money we’re saving a lot less than our grandparents did! I know you’re saying, things cost much more these days. Yes, I know, but we’re still spending more, which keeps us from saving the money we should for a rainy day. In fact, the interest rates that are currently being charged on credit cards average eighteen percent and upward. Ouch! That’s a lot of interest to pay for a credit card especially if you don’t pay off your balance each month. Of course, your credit card company would like you to keep a balance on your credit card so they can collect interest from you! Remember you’re charged interest on your unpaid balance, that’s how the credit card companies make lots of money. You say to yourself, what can I do to reduce or eliminate my debt? Well, here are some tips to help you begin your path to financial freedom by reducing and eventually eliminating your debt: 1) Review all of your current billing statements to determine how much you owe your creditors. By doing this, you’ll know exactly where you stand with your bills and exactly how much you owe. 2) Look at the highest interest rates you are paying and the balances of these particular credit cards. Based on those balances, attempt to start paying off the credit cards with the highest interest rates first. This will assist you in reducing the amount of interest you are paying to your creditors sooner. 3) Pay more than the minimum amount due on your credit cards! You want to get your debt reduced and eventually eliminated by paying over the minimum balance that the credit card company is requiring you to pay. Remember debt elimination is your goal, so this will help you to work towards that! 4) Make sure to pay your bill on time in order to avoid late fees and extra interest charges added to your credit balances. You definitely don’t want to pay your credit card company any more money than you need to! Remember, the more money you keep for yourself, the more you have to save. 5) Don’t use your credit cards! That’s right, you’re trying to become debt free, so you’ll need to eliminate or reduce your spending on your credit cards. Yes, I know you’ll need one for emergencies. But, that’s just it, emergencies only! So don’t use your credit card for anything else other that a true legitimate emergency. Your goal is to stay out of debt and to become debt free. 6) You may want to take money from your savings or money market account to pay off your credit cards so you can become debt free or reduce your debt. If you decide to do this, make sure you keep some money in your savings for an emergency or a rainy day! 7) If you think you need debt counseling, then you may want to seek professional help to assist you with reducing or eliminating your debt. Just do some research via the internet to locate a company that specializes in this. These tips should help you get started on your way to becoming debt free for the future. You’ll be glad that you decided to take this crucial step in taking control of your personal finances by losing your debt! Remember, it’s important for your future.

         
    Warning signs of when you are in too much debt

     

    Many people these days have more debt than they can handle. Some even have more than they make in a single year before taxes. But how do you know when you have too much debt? And how did you get into this situation? It may not seem possible that you could have gotten so far in debt you feel as if you are drowning in it. Getting into a lot of debt can come from the obvious things such as buying too many luxuries like new cars, a big house, the best appliances, etc. Big purchases add up the fastest because they are more expensive. Getting too many at once without paying off previous ones can put you in financial straights to pay off the loans. This of course can lead to repossession of these items if you are not careful. Small purchases over time on a credit card, without paying the balance in full each month, will get you in high debt. And you won’t even know how you got so deep because you have nothing big to show for it. Unpaid hospital bills will add up if they are ignored. They also affect your credit rating. Even with insurance, they can get steep depending on what the bill is for in the first place. Paying only the monthly minimum on any card while continuing to use it will cause your debt to mount. It’s like making many small purchases because it sneaks up on you and suddenly you can’t make all the minimum payments without having anything left over afterward. Student loans are a culprit of high debt that many people don’t think about. It is getting even more serious with tuition costs rising yearly as well. It may seem hard to believe but people also get in over their heads trying to keep up with their neighbors. These days’ people will act like they have more money than they really do just to not be left behind in fixing up their house, owning a Siamese cat, or other such things. Some good, some bad. Having children can even be a culprit in your high debt. They need so much all the time, that you could suddenly have spent $500 and see nothing in return. And getting stuck in a job where there is no advancement or wage increases even yearly can get you farther into debt. Of course, any combination of these problems can plague you with high debt. In this day of high debt, many people are using debt consolidation to help lower their bills. A debt consolidation lowers your payoff by negotiating with your creditors for a smaller payment. You have to save for it before you can pay it off, which can take a long time. Especially if you are so stretched you can’t save any money for retirement. But the payoff can be 40-60% off what your total amount owed.

         
    What are 3 worst debt consolidation moves

     

    : You have unbearable debts and the debt consolidation might be your option for you debt problem. There are so many debt consolidation agencies around in the marketing with their "The Best" debt management program which will help you to resolve your debt problem. All the plans seem to very good and it is a hard decision for you to select the best for you. While considering all the plans offers by debt consolidation agencies, there are at least 3 worst debt consolidation moves which you should avoid them. These 3 worst debt consolidation moves include: 1. The Hard-Money Loan If you already miss a few months' repayment and your repayment sums are piling up and exceed your monthly financial capability; and you are tired of answering harassing call and mails from various creditors to urge you to make payment. Then, you probably need a loan urgently to eliminate the harassment from creditors and bring down your monthly repayment to affordable level. The consolidator may entice you with promises of an easy-does-it loan, and end up charging you higher interest rates than you're paying now -- as high as 21% or 22%. "Your monthly payment may be lower" with one of these loans, "but you'll end up paying more". You should get a consolidator who will look for other alternatives besides offering you an easy loan with high interest rate, such as negotiate with your creditors for better repayment options. 2. Debt Consolidators Who Promise to Take Care of Everything The debt consolidation companies may incur an up front fee of one easy payment to cover for everything, they will negotiate lower interest rates, reduce your monthly payments. & etc. These debt consolidation companies will promise you that they will take care everything for you and all you have to do is make "one Easy payment' In reality, many debt consolidators build in a fee as part of the monthly payment you make to them. It's usually about 10% of the payment (i. e. about $50 on a $500 monthly payment). They pass along your payments to the creditor and get back a 10% to 15% from your creditors; normally this is part of the negotiation outcome with your creditors. Here's another risk with consolidators you should know about: they have been known, in some cases, to make late payments or even miss payments, thus worsening your plight (and your credit record). Hence, it is good for you to follow up with the debt consolidation company or even your creditors to check you payment status. 3. The Balance Transfer Trap Low-interest balance-transfer cards are a dime a dozen these days, but remember that those rates only last a few months. Most of the balance transfer plans offer you with a low interest for the first fee month normally 3, 6 or 9 months; after that period, the interest rate will get back to normal, worse still almost all the balance transfer plans will require you to pay for a process fee. After that "low-interest-rate" period, you may have to apply new card to balance transfer these amount again. The danger is that at some point all this activity begins to show up on your credit report, and you start to look like a bad risk. If you think you can swing from the balance-transfer vines for a few months, just make sure you formally close all your accounts yourself, and then notify the credit-card company to mark the account "closed at customer's request". Otherwise, on your credit report, it will look like the creditor closed your account which will have a bad impact on you credit record. Summary A debt consolidation is an option for you to resolve your debt problems and they are many alternatives and plans offers on debt consolidation. Review them carefully and avoid worse debt consolidation moves as mention above if you have a better option.

         
    What are debt consolidation benefits

     

    : Today, most people are holding more than one credit card and many people are taking loans such as home loan, personal loan, auto loan & etc. Different monthly due of each credit card and loan may make you hard to manage your payment. This may cause late payment or miss payment occur which may impact your credit rating. The situation becomes even worse if you just make the minimum payment each month, the interest and financial charges are stacked over the debt. If you are in this situation, debt consolidation is your option to bring your financial back to manageable stage. Let review what are the major benefits of debt consolidation you can enjoy by choosing this option. 1.Consolidate multiple payment into one monthly payment Each credit card and loan has different monthly due date, with the debt consolidation, you can combine these multiple monthly payment into one. After the debt consolidation, you will only need to remember only one due date and make only one payment, debt consolidation has made your life easier in management your debts and the chance of being late is minimized. 2. Reduction or elimination of the accrued interest and penalties When you are making only minimum payment each month on your credit card accounts, the interest and financial charges are stacked over the debt. Hence the total debt amount continues to grow like mushroom. What a debt consolidation program can offer is eliminates the portion of your total debt built up by interest and other financial charges; hence, the total debt amount is reduced consequently. For example, if your $3000 debt has accumulated to $5000 which the $2000 is incurred by interest and financial charges, the debt consolidation program will first eliminate or reduce the $2000 from your debts. 3. Reduced interest rate The counselor will be able to negotiate on your behalf with your creditors to get a much lower interest rate. With the new lower interest rates, the monthly payments are also less than what used to be earlier. For example, you have 3 credit card accounts with 18%, 12% and 9% interest rate, you are paying an average of (18%+12%+9%) / 3 = 13% of interest rate. If your consolidation program can reduce your interest rates to 12%, 10% and 7%, you are paying an average interest rate of 9.67% after your debt consolidation. 4. Your debt free life is accelerated A successful debt consolidation program can make one debt free within 2 to 4 years and saves some money for you. Debt free life is a dream for many debtors, debt consolidation with an effective repayment plan in place, you will be able to realize your dream and enjoy your debt free life sooner than you ever dream of. 5. Get rid of collection calls By placing your debts under debt consolidation program you can avoid harassing collection calls too. The consolidation company you are working with will notify your creditors that they will be representing you from then on. 6. Obtain a good credit Late payments and charged-off accounts make your credit report look bad and your credit score goes down consequently. With the debt consolidation program, your accounts start to get paid off eventually. As a result, you will building a good credit into your credit report and rise your credit score. In summary Don't let your debt lead you into financial crisis, consolidate all your hard to manage monthly payments into single payment with the reduced interest rates not only can save you some money, it will help you to bring your financial into a manageable level.

         
    What are debt management plans

     

    A DMP alone is not credit counseling, and DMPs are not for everyone. Consider signing on for one of these plans only after a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you customized advice on managing your money. Even if a DMP is appropriate for you, a reputable credit counseling organization still will help you create a budget and teach you money management skills. How a DMP Works You deposit money each month with the credit counseling organization. The organization uses your deposits to pay your unsecured debts, like credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates and waive certain fees, but check with all your creditors to be sure that they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments, and could take 48 months or longer to complete. Ask the credit counselor to estimate how long it will take for you to complete the plan. You also may have to agree not to apply for — or use — any additional credit while you’re participating in the plan. Is a DMP Right For You? In addition to the questions already listed, here are some other important ones to ask if you’re considering enrolling in a DMP. Is a DMP the only option you can give me? Will you provide me with on-going budgeting advice, regardless of whether I enroll in a DMP? If an organization offers only DMPs, find another credit counseling organization that also will help you create a budget and teach you money management skills. How does your DMP work? How will you make sure that all my creditors will be paid by the applicable due dates and in the correct billing cycle? If a DMP is appropriate, sign up for one that allows all your creditors to be paid before your payment due dates and within the correct billing cycle. How is the amount of my payment determined? What if the amount is more than I can afford? Don’t sign up for a DMP if you can’t afford the monthly payment. How often can I get status reports on my accounts? Can I get access to my accounts online or by phone? Make sure that the organization you sign up with is willing to provide regular, detailed statements about your account. Can you get my creditors to lower or eliminate interest and finance charges, or waive late fees? If yes, contact your creditors to verify this, and ask them how long you have to be on the plan before the benefits kick in. What debts aren’t included in the DMP? This is important because you’ll have to pay those bills on your own. Do I have to make any payments to my creditors before they will accept the proposed payment plan? Some creditors require a payment to the credit counselor before accepting you into a DMP. If a credit counselor tells you this is so, call your creditors to verify this information before you send money to the credit counseling agency. How will enrolling in a DMP affect my credit? Beware of any organization that tells you it can remove accurate negative information from your credit report. Legally, it can’t be done. Accurate negative information may stay on your credit report for up to seven years. Can you get my creditors to “re-age” my accounts — that is, to make my accounts current? If so, how many payments will I have to make before my creditors will do so? Even if your accounts are “re-aged,” negative information from past delinquencies or late payments will remain on your credit report. How to Make a DMP Work for You The following steps will help you benefit from a DMP, and avoid falling further into debt. Continue to pay your bills until the plan has been approved by your creditors. If you stop making payments before your creditors have accepted you into a plan, you’ll face late fees, penalties, and negative entries on your credit report. Contact your creditors and confirm that they have accepted the proposed plan before you send any payments to the credit counseling organization for your DMP. Make sure the organization’s payment schedule allows your debts to be paid before they are due each month. Paying on time will help you avoid late fees and penalties. Call each of your creditors on the first of every month to make sure the agency has paid them on time. Review monthly statements from your creditors to make sure they have received your payments. If your debt management plan depends on your creditors agreeing to lower or eliminate interest and finance charges, or waive late fees, make sure these concessions are reflected on your statements.

         
    What are debt negotiation programs

     

    : Debt negotiation is not the same thing as credit counseling or a Debt Management Plan (DMP). It can be very risky and have a long term negative impact on your credit report and, in turn, your ability to get credit. That’s why many states have laws regulating debt negotiation companies and the services they offer. The Claims Debt negotiation firms may claim they’re non-profit. They also may claim that they can arrange for your unsecured debt — typically, credit card debt — to be paid off for anywhere from 10 to 50 percent of the balance owed. For example, if you owe $10,000 on a credit card, a debt negotiation firm may claim it can arrange for you to pay off the debt with a lesser amount, say $4,000. The firms often pitch their services as an alternative to bankruptcy. They may claim that using their services will have little or no negative impact on your ability to get credit in the future, or that any negative information can be removed from your credit report when you complete the debt negotiation program. The firms usually tell you to stop making payments to your creditors and instead, send your payments to the debt negotiation company. The firms may promise to hold your funds in a special account and pay the creditors on your behalf. The Truth Just because a debt negotiation company describes itself as a “non-profit” organization, there’s no guarantee that the services they offer are legitimate. There also is no guarantee that a creditor will accept partial payment of a legitimate debt. In fact, if you stop making payments on a credit card, late fees and interest usually are added to the debt each month. If you exceed your credit limit, additional fees and charges also can be added. All this can quickly cause a consumer’s original debt to double or triple. What’s more, most debt negotiation companies charge consumers substantial fees for their services, including a fee to establish the account with the debt negotiator, a monthly service fee, and a final fee of a percentage of the money you’ve supposedly saved. While creditors have no obligation to agree to negotiate the amount a consumer owes, they have a legal obligation to provide accurate information to the credit reporting agencies, including your failure to make monthly payments. That can result in a negative entry on your credit report. And in certain situations, creditors may have the right to sue you to recover the money you owe. In some instances, when creditors win a lawsuit, they have the right to garnish your wages or put a lien on your home. Finally, the Internal Revenue Service may consider any amount of forgiven debt to be taxable income. Tip-offs to Rip-offs Steer clear of debt negotiation companies that: - guarantee they can remove your unsecured debt - promise that unsecured debts can be paid off with pennies on the dollar - require substantial monthly service fees - demand payment of a percentage of savings - tell you to stop making payments to or communicating with your creditors - require you to make monthly payments to them, rather than with your creditor - claim that creditors never sue consumers for non-payment of unsecured debt - promise that using their system will have no negative impact on your credit report - claim that they can remove accurate negative information from your credit report. If you decide to work with a debt negotiation company, be sure to check it out with your state Attorney General, local consumer protection agency, and the Better Business Bureau. They can tell you if any consumer complaints are on file about the firm you’re considering doing business with. Also, ask your state Attorney General if the company is required to be licensed to work in your state and, if so, whether it is.

         
    What are some ways i can avoid bankruptcy

     

    While bankruptcy may seem like an attractive, short-term solution to alleviating debt, the process usually hurts people more than it helps. It can take years for your credit to recover from such a maneuver; you may not be able to get financial assistance if and when you need it after filing for bankruptcy. Since this is the case, it can be helpful to be aware of what alternatives exist so that you can avoid bankruptcy but, at the same time, still help yourself get out of debt in a timely manner. As soon as you feel like you are having financial troubles, create a budget. This will help you to see what income is coming in and how much money is leaving your hand as expenses. Take the time to track your spending and see the patterns that may emerge. Look at your problem areas and see what can be done about such issues. Avoiding bankruptcy may be as simple as adjusting your priorities and being aware of how much money you spend, where and when. Next, organize the way you pay your bills. Individuals who only pay the minimum amount of their bills will not only extend the amount of time that they spend in debt, but they will also have to pay additional fees in the form of interest rates and such. When one bill is paid off, take the amount of money that you would have been spent on that bill and apply it to your next bill, in order to get out of debt with that next bill. Try not to see that money as extra money, since you are still in debt and have additional bills that need to be paid. Professional help may be the best route if you are not able to gain any relief from creating a budget and tackling your bills in an organized and focused manner. A debt management plan can be created for you by an informed and educated professional. Typically, these plans can last five years - but at the end of these five years you will be debt free, which is a great long-term goal to stay focused on throughout the term of your plan. The counselor that you work with will handle all of the correspondence with your creditors and that can be a big relief in and of itself, since you can stop getting calls and interruptions from debt collectors. Another option is that a debt consolidation loan that may be applicable to your case. If your credit rating is lower, it is likely that you will have to pay higher interest rates for this loan. With this loan, all of your bills are combined and you will make one payment each month, an amount which is typically much lower than the amount that you would have been paying for all of the separate bills and debts separately each month. You can also look at your personal lifestyle and situation. If you have a large house, you may want to sell it and move to a slightly smaller house. The same can be said if you have a top of the line car - you can get a reliable, but less luxurious car - and you may be able to earn some money from selling the vehicle.

         
    What are the bad credit debt relief options

     

    : If you are a bad credit rating, we have less option to resolve your debt issues. And if you are at the disparate condition to pull yourself out from debt and get rids of all the harassing phone calls from your creditors, there are a few options of debt relief for bad creditors. Consumer Credit Counseling There are many Consumer Credit Counseling service (CCCS) around to help you to solve your debt problems. You can enroll into their CCC program to get counseling on personal finance and follow their plan to resolve your debt problem. Normally CCCS is a non-profit community action organization whose staff members have the training and experience to help you help yourself. In many cases, CCCS assists consumers by contacting their creditors and arranging lower monthly payments. Some services are provided free to consumers. CCCS was founded by creditors to aid their financially distressed customers totally free of charge. A CCC program will not lower your credit score, but it will be noted on your credit report and hurt your ability to get and the interest rates you pay on a home loan, a refinance, or a car purchase. Once again, be careful when selecting a CCC company as there are good ones and bad ones out there. Search online for any negative information that may be out there and use the Better Business Bureau to see a company's record there. Debt Settlement or Debt Negotiation Debt settlementis an aggressive approach to debt reduction, which is appropriate for debtors with a serious amount of debt or who are considering bankruptcy. Debt Settlement offers you a chance to reach a negotiated settlement with your creditors, paying back far less than you currently own. Debt Settlement is a way to get out of debt in the shortest amount of time, and with the least amount of money without filing for bankruptcy. There are some drawbacks though. Debt Settlement will hurt your credit rating in the short term, because you must choose to go delinquent on your bills. However, because it will get you out of debt more rapidly than any other option aside from Bankruptcy, you can start to rebuild your credit rating sooner. Bankruptcy Bankruptcy can be the best choice for you, but it should be an option of last resort. It will hurt your credit rating severely and is not a pleasant process to undertake and your bad credit record will remain on your credit report for 7-10 years. Bankruptcy will free you from overwhelming debts so you can make a fresh start, subject to some restrictions. If none other options available to you, declare a bankruptcy can be your best choice. After filling the bankruptcy, you can start to rebuild your credit and improve your credit rating by open up a new credit card from banks like Orchard Bank (Orchard bank has credit card plan designed specially to help people rebuild their credit after bankruptcy). Use this new credit card responsibly and make the monthly payment timely to rebuild you good credit record. Summary Although less option available for bad credit debtors, debt relief options are still available. No one option fit everyone, review all the options available to you and choose the one best fit your financial condition.

         
     
         
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