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Could You Qualify for Debt Relief Assistance? Here’s How to Find Out

Posted By:  |  April 22, 2014  |  0 Comment(s)

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Have you been trying to pay down your debt each month, but consider your efforts to be fruitless and feel unable to make a difference in the amount you owe? If you intend to pay off your debt, you may simply need some assistance to help create the right plan to reach your debt-free goals. Debt relief assistance is a common and effective way to help you get there, and one that many Americans use each year. Your personal situation will be considered when determining if you qualify for debt relief assistance, and this will be specific based on which company you choose.

The Types of Debt Relief Assistance Available

With different kinds of debt relief available, ranging from the lower end of credit counseling for overwhelming credit card bills to the higher end with a more severe tactic like bankruptcy, there will usually be an available option to help your personal circumstance. Generally, there will be a gradually increasing process involved. For example, in order to file for bankruptcy, you must satisfy a “means test,” which proves your inability to pay your debt based on your insufficient income, and you must receive credit counseling within six months of applying for bankruptcy.

If you haven’t had a chance to check it out yet, we’ve reviewed companies that offer debt relief assistance including: debt settlement, debt consolidation and tax relief.

Checking Your Credit Report When Qualifying

Your credit score may still be relatively unharmed even if you have debt that needs to be consolidated or settled. An up-to-date overview of your credit score and your credit report may give you a good idea of whether or not you can qualify for a consolidation loan or another more suitable form of debt relief. Since all loans are based largely on credit score, you can gage your chances of qualifying based on this number. However, you shouldn’t be too discouraged by a poor credit rating.

Debt Relief Programs: Requesting a Quote

With many debt relief programs available, you should shop around and look at your options while discovering whether you qualify for debt relief. Many of the top rated debt relief companies in the United States offer free quotes online, as well as the ability to talk to a debt counselor toll free over the phone. Sometimes the discovery of your qualification is just a click or call away.

The Kinds Of Debt That Qualify

Credit card debt is a common type of debt that Americans seek assistance paying down, and this type of debt is generally accepted amongst the many debt settlers and consolidators across the United States. Although the guidelines will vary for what types of debt are accepted, depending upon the specific debt relief company used, credit card debt along with debt related to store cards, medical bills, repossessions, personal loans, and unsecured bank loans generally qualify for assistance.

Taking the step towards recovering from your debt is a major decision that may at first seem complex and overwhelming, but following through with your debt-free goals is something that will surely enhance your life and relieve you of your stresses. So don’t wait. Find out today whether you qualify for debt relief assistance.

Poll

  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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