Debt Relief

Debt relief has recently become the subject of conversation, debate and confusion!

The only way to truly understand this subject and to be certain that you are making the right decision is to gather as much information as you can. The more information you have available to you, the more likely you are to make an intelligent and informed decision about your current debt situation and how to resolve it.

Debt relief can come in many forms. Finding one suitable for you might not be as hard as you think. Depending on your situation, you may have a variety of options available to you that would enable you to avoid bankruptcy.

What kind of debt do I have? Is it unsecured or secured debt?

If your debt is secured against personal property or belongings, you will need to consider an option which allows for total repayment of the debt. This is often accomplished in consumer credit counseling or Chapter 13 Bankruptcy. There is a longer term affect on your credit, but in most cases you would be allowed to keep your belongings or property, as long as you remained in the program and agreed to repay all that you owe on those items.

If your debt is unsecured, you have options that include debt settlement or credit card debt settlement, which would allow you to repay your debt at a reduced amount, helping you to eliminate your debt in a most expeditious manner.

What is Debt Settlement?

In its most simplistic form, a debt settlement program will hold your creditors at bay, long enough for you to save enough money to settle with them. Typically, your debt can be reduced by 60%, allowing you a fresh start at a financially stable future.

In a debt settlement program, your balances will be skillfully negotiated for you one by one. Your debt to income ratio will improve from the time you settle your first balance and you will watch yourself become debt free one account at a time. A settlement in full (SIF) letter will substantiate the transaction with your creditors and will protect your interest in the future. This letter will confirm the details of your agreement with them and will ensure that you are never responsible for the forgiven balance in the future.

If you have found yourself wondering where your next minimum payments are going to come from, call today for your free consultation. We’re here to help you!