Options - What is
Really Available for You to do
1.
Put the bills in the circular file and hope it takes care of itself.
- If you have high rates on the debt now it will take 20
years or longer to be debt free.
- Interest rates are going up all the time, because of
this you cannot pay down the principal.
- The Lord only helps those that help themselves. Prayer
is empty without action.
- If you are past due, your credit score is “in the dirt”
doing nothing will just leave it buried.
2. Try to borrow your way out of debt.
- You will need to have a good credit score first.
- You will need to put your home or some asset at risk.
- You will put unsecured debt in a secured position.
- Pays off the creditors, now you can go get in debt
again.
3. Try a Consumer Credit Counseling program.
- You will pay back your full balance with interest.
- Takes about 7 years to actually complete because
interest is still being charged to you.
- CCCS Plans are paid for by the credit card companies to
keep you in debt.
- This is a “Soft Core” collection agency for Creditors.
- Credit report reflects negative for 7 years.
- Looks like a Chapter 13 Bankruptcy to lending companies.
4. File for Bankruptcy
- Costs are high $2,000 more to file.
- Can have a very negative effect on your credit rating
for 7 to 10 years.
- Very difficult to qualify for Chapter 7, so Chapter 13
you will pay back 80% of your debt.
- Higher rates on other loans in the future.
- Can cause a problem with your employment status.
- This is your “Big Ace” only to be used as the very last
card in your hand.
5. Debt Recovery Program
- Negotiates the principal balance of what you owe. We
negotiate the entire account, interest and finance charges
included.
- We work for YOU. Not the creditors. We have YOUR best
interests to enforce.
- Your debt is paid off within a time frame you can
afford, not dictated to you by your creditors or a BK
Trustee.
- Will affect the credit score. If your credit is perfect
and you can pay your creditors you don’t need debt
settlement.
*Settlement estimates of 40-60% are examples and are not
intended to be a guarantee of future settlement results.
Results will vary depending on each client circumstance.
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