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So your debt has become like a millstone, dragging you down and keeping you from moving forward. As a result, you’re considering pursuing some kind of debt relief.
Here’s what you need to do before contacting a debt relief service.
Before you sign with any program create a budget so you can see what’s what. You want a realistic evaluation of your intake and expenditures.
Get started by writing down all your income and sources. Follow that by listing your regular monthly expenses like your car note, mortgage or rent, and insurance premium. Then, jot down the rest of your expenses, even if they seem trivial. This way you can pinpoint necessary expenses and prioritize the remainder. The aim is to make sure your basics are covered.
Alert your credit card issuers or other creditors and tell them you’re experiencing financial woes. Explain to them what’s going on and see if you can work out a modified payment plan that makes your outlays more manageable. Do this as soon as possible, don’t put off contacting them until your accounts have been forwarded to collections.
By federal law, a debt collector is prohibited from contacting you before 8 a.m., after 9 p.m., or while you’re on the job, if the collector knows that your employer frowns on it. If you want a clearer, less-stressed head before deciding your next move, request in writing that the creditor cease further contact.
If you’ve tried everything to erase your credit card debt and you’ve been unable to work out a better repayment plan with your creditors, then it’s time to consider a debt relief service like credit counseling or debt settlement – Freedom Debt Relief’s best debt relief program.
Before you get involved with any debt relief service, run the name by your state attorney general and local consumer protection agency. Those offices can tell you whether there have been complaints filed. Ask the AG’s office whether the firm you’re interested in must be licensed to work in your state and, if so, whether it is.
These agencies can advise you about debt and money management, assist you with creating a budget, and provide complimentary educational materials and workshops. Certified, trained counselors can talk over your whole financial situation and help you develop a tailored plan.
If you have too much debt or can’t pay what you have, a credit counselor may suggest that you enroll in a debt management plan in which you make monthly payments through the credit counseling organization. The organization pays your credit card bills and other unsecured debts according to a payment schedule you, your counselor, and your creditor develop.
Your creditor may also lower your interest rates or waive fees during the 48 months or so it takes to complete your management plan.
These for-profit companies negotiate with your creditors to get them to allow you to pay less than what you owe — a one-time “settlement” in full to clear your debt. To ensure that you accumulate enough cash for a settlement offer, you make monthly deposits into an escrow-like account. To free cash for those deposits, you will likely be asked to cease making monthly payments to creditors. That’s a risky move, so be sure you have the income to stay in the program and make those deposits. Your damaged credit will improve over the long haul.
Now you know what to do before contacting a debt relief service, and what such services entail. Be proactive, and soon you’ll find yourself on the road to financial freedom.
So your debt has become like a millstone, dragging you down and keeping you from moving forward. As a result, you’re considering pursuing some kind of debt relief.
Here’s what you need to do before contacting a debt relief service.
Before you sign with any program create a budget so you can see what’s what. You want a realistic evaluation of your intake and expenditures.
Get started by writing down all your income and sources. Follow that by listing your regular monthly expenses like your car note, mortgage or rent, and insurance premium. Then, jot down the rest of your expenses, even if they seem trivial. This way you can pinpoint necessary expenses and prioritize the remainder. The aim is to make sure your basics are covered.
Alert your credit card issuers or other creditors and tell them you’re experiencing financial woes. Explain to them what’s going on and see if you can work out a modified payment plan that makes your outlays more manageable. Do this as soon as possible, don’t put off contacting them until your accounts have been forwarded to collections.
By federal law, a debt collector is prohibited from contacting you before 8 a.m., after 9 p.m., or while you’re on the job, if the collector knows that your employer frowns on it. If you want a clearer, less-stressed head before deciding your next move, request in writing that the creditor cease further contact.
If you’ve tried everything to erase your credit card debt and you’ve been unable to work out a better repayment plan with your creditors, then it’s time to consider a debt relief service like credit counseling or debt settlement – Freedom Debt Relief’s best debt relief program.
Before you get involved with any debt relief service, run the name by your state attorney general and local consumer protection agency. Those offices can tell you whether there have been complaints filed. Ask the AG’s office whether the firm you’re interested in must be licensed to work in your state and, if so, whether it is.
These agencies can advise you about debt and money management, assist you with creating a budget, and provide complimentary educational materials and workshops. Certified, trained counselors can talk over your whole financial situation and help you develop a tailored plan.
If you have too much debt or can’t pay what you have, a credit counselor may suggest that you enroll in a debt management plan in which you make monthly payments through the credit counseling organization. The organization pays your credit card bills and other unsecured debts according to a payment schedule you, your counselor, and your creditor develop.
Your creditor may also lower your interest rates or waive fees during the 48 months or so it takes to complete your management plan.
These for-profit companies negotiate with your creditors to get them to allow you to pay less than what you owe — a one-time “settlement” in full to clear your debt. To ensure that you accumulate enough cash for a settlement offer, you make monthly deposits into an escrow-like account. To free cash for those deposits, you will likely be asked to cease making monthly payments to creditors. That’s a risky move, so be sure you have the income to stay in the program and make those deposits. Your damaged credit will improve over the long haul.
Now you know what to do before contacting a debt relief service, and what such services entail. Be proactive, and soon you’ll find yourself on the road to financial freedom.
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