How would you describe your problem with debt? Do you feel as if you are swimming in debt? Maybe you feel as if you are in a deep pit of debt? It might feel as if you’re buried under a huge load of debt or sinking into a quagmire of debt. But regardless of how you describe your debt, there is one thing for sure. And that’s the fact that you would love to find relief from it. New York based National Debt Relief may be the answer you’re looking for. Let’s look at your options.
Your debt relief options
If you’ve reached the point where you’re about ready to throw up your hands and surrender, relax. There are several good alternatives for finding relief from your debts.
You may already be familiar with two of the options – a debt consolidation loan and consumer credit counseling. Make no mistake about it, either one of these could help you achieve debt relief. However, you might not be as familiar with the third option – debt settlement also known as debt negotiation.
This is where you either negotiate debt settlements yourself or hire a professional debt settlement firm. National Debt Relief is one of the country’s best-respected debt settlement companies. It has helped more than 100,000 families and individuals achieve debt relief through debt settlement.
Before you contact National Debt Relief
If you owe $7500 or more and are several months behind in your payments then National Debt Relief could definitely help. The way it works is that each month instead of paying your creditors you send the money to National Debt Relief, which deposits it in a trust account that you control. National Debt Relief’s debt counselors negotiate with your creditors to get your debts settled for less than you owe. Once it settles one of your debts it will contact you to release the funds necessary to pay for it. If after National Debt Relief has settled your debts there is not enough money in your trust account to pay for them, it will offer you a payment plan. Depending on the amount of your debt, this plan will take from two to four years to complete.
What debts can be settled?
Not all people are created equal nor are all debts. The two major types of debts are secured debts and unsecured debts. Examples of unsecured debts include credit card debts, medical debts and personal loans. Secured debts are home loans, home equity loans, auto loans – or any debts secured by an asset. While National Debt Relief’s counselors can settle most unsecured debts they are unable to settle the secured ones. Also, there are certain types of unsecured debts that cannot be settled – even in bankruptcy. This includes alimony, spousal support, child support and federally backed student loan debts.
The benefits of debt settlement
Of course, the major benefit of debt settlement is that your unsecured debts are reduced substantially and you end up debt free. But there’s another important benefit, which is that your debts are consolidated. Instead of having to pay multiple lenders every month you will be required to send just one check a month to National Debt Relief. This alone could simplify your life considerably.
National Debt Relief is accredited by the Better Business Bureau and has consistently maintained an A rating with the Bureau. As you’ve read, you have complete control over your trust account though it’s a bad idea to remove the funds while you are in a settlement program, as they need to be available when National Debt Relief settles one of your debts.
Perhaps the most important reason to choose National Debt Relief is because there is no risk involved. If it is unable to settle your debts to your satisfaction or if you do not approve your payment plan, it charges you nothing. This is in contrast to those settlement companies that insist you pay upfront or that have monthly charges.
You are covered by a money back guarantee if you are ever unsatisfied. You can cancel at any time without any penalties or fees.
The bad debt relief option
You might remember reading that there is one very bad way to handle your debts and that is by filing for bankruptcy. Yes, a bankruptcy can clear or discharge most of your unsecured debts but it comes at a high price. The credit bureaus will keep the bankruptcy in your credit file for either seven or 10 years. When you are able to get new credit – after two or three years – it will come with very high interest rates. Last but certainly not least, a bankruptcy will have a devastating effect on your credit score. While no one knows for sure how much a bankruptcy will reduce your score, it’s commonly thought to be 200.
Debt settlement will also ding your score
Debt settlement through a company such as National Debt Relief will also damage your credit score though not as severely as a bankruptcy. Again, no one knows for sure how much your credit score would be affected by debt settlement but it is thought to be around 80 to 100 points. This could be enough to drop you from having good credit to poor credit and would end up costing you more in interest.
Check with National Debt Relief
Would you be a good candidate for debt settlement? The only way you can know is by contacting National Debt Really for more information. It will take just a few minutes and could help you find relief from that pile of debts.