I need bill-paying assistance! | Obvious Articles

If this description fits you, you are not by yourself. Many Americans who have lost their jobs, had their income reduced or suffered from death or divorce, find themselves in this exact situation. If you have considered a Debt Consolidation Program, making use of credit counselors to help you negotiate a lower interest rate and consolidate accounts into one bulk payment then discover you can?t make the repayments, what are your options? A lot of people wonder if they have a choice other than bankruptcy, at this point.

There?s alternative ways to combat the problem It?s Debt Settlement and it can help you get rid of your debt by the reduction of the principle amount owed to each of your creditors. Creditors prefer some repayment over none. It is paramount to know what distinguishes Debt Settlement from Debt Consolidation. As an alternative to monthly payments to your creditors, your money goes into a special FDIC-insured savings account, known as a special purpose or trust account. Expect to receive a statement every month just as you do from your bank. This program can be set up by a credit counselor. Your counselor will inform your creditors of your participation in any Settlement programs. Creditors know that when they finally hear from a credit counseling service they will most likely be settling a debt for much less than what was originally owed.

Why did it occur? This is the purpose of your special savings account. While you gain income, this financial advisory program watches the account, and once you reach 50 percent of what you borrowed from the lender, the service will start discussing a settlement to reduce what you owe the creditor.

If you owe money to multiple creditors, the initial settlement is made on the account with the least amount owed. As you earn more and more money, your counselor will work to settle your debts, from smallest to largest, until they are all cleared. As of right now, you can consider yourself free of any unsecured debt, such as medical bills and credit cards.

Your credit score will tank, as your accounts are considered in default until the settlement. You can start to rebuild your credit score once you have paid off all of your creditors. This option is more attractive than bankruptcy for a variety of reasons.

Bankruptcy law changes make qualifying for Chapter 7 a bit more difficult. (which erases unsecured debt) Extremely harder. To final Chapter 7 bankruptcy, you?ll have to meet the means. To put it another way, if your income level is over a certain amount, you must repay at least a portion of your debt through Chapter 13 bankruptcy. This is all overseen by the courts. Any expensive items you own will have to be applied to your assets ? to try and pay more of what you owe. Your home and the vehicle you use to get to work aren?t included.

A Debt Settlement is much easier to recover from, and clears your credit report much quicker. Insure you?re involved with a professional debt firm.

Debt consolidation firms have assisted many individuals in addressing their personal financial obstacles. A free consultation by a Certified Credit Counselor is the first of the many resources Debt Consolidation services offered by the Credit and Debt Consolidation firm.

Credit and Debt Consolidation firms have joined forces with a real life national law firm. We have partners in every state in the union. Our team is passionate about assisting our clients in getting rid of their debt problems. Credit and Debt Consolidation firms provide Debt Consolidation Services nationwide and Credit and Debt Consolidation firms have a professional alliance with many of the nation?s most reputable Debt Consolidation Companies to assist our clients as advocates for their rights.

For a long time, large corporate law firms have helped their clients tackle problems with debt through the negotiation of ?financial workouts? designed to allow debtors to remain in business while struggling financially. Credit and Debt Settlement firms started this cutting edge Debt Settlement Program to help clients and their families solve their financial problems and focus on the important things in life. You can relax with us on your side because we give you all the legal support that you need to get out of debt.

Debt Settlement / Website Development Orlando

Source: http://obviousarticles.com/finance/i-need-bill-paying-assistance

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