debt counseling - unsecured debt management and settlement.
Can't get your bills and personal debt under control? Request professional debt counseling, debt management, unsecured debt consolidation or negotiate debt settlement.
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Credit Counseling versus Debt Settlement
Both programs offer consumers a way to repay their unsecured debt. To decide which program is best for you, apply for both and review each one's plan specifically designed for your unique circumstances. Read below to review the differences between debt settlement and credit counseling:
Debt settlement may impact your credit; however, if your credit is already bad and if you don't think you'll be able to endure the longer debt repayment plan of credit counseling, then debt settlement may be best for you.
With credit counseling, you have the opportunity to improve credit if you can stick with the program. Debt counseling typically takes longer to repay debt or has a much higher monthly repayment plan.
Get your finances under control without credit counseling:
Look through your checkbook, statements, and receipts. Start gathering information on where, and how much money you spend in various categories on a weekly or monthly basis.
Just knowing where your money goes is a terrific education in and of itself. You will be amazed, and learn things about yourself you didn't realize. And right away, you'll get some great ideas on how to curb spending. This is the first step towards do-it-yourself credit counseling.
What is Credit
Counseling: (also called debt counseling or debt management): Your debt is combined into one lower monthly payment to make it easier for you to meet your financial obligations.
A process where a third party negotiates with creditors and establishes a payment plan on behalf of the debtor. The fact that a person is in credit counseling may be reported to the credit bureaus and listed on the credit report. Credit Counseling; however, is more preferred by creditors than debt settlement, and it can help improve or lessen the damage to your credit score.
You may have heard that debt counseling will trash your credit report or that it's worse than bankruptcy; however, this is not true.
Debt counseling may have some effect on your credit, or it may have none at all. Some lenders may not want to do business with you after you've completed your plan, but others will.
Contrast that with a bankruptcy, which is viewed by almost all mainstream lenders as a huge negative on your credit report. These lenders, who prefer to deal with consumers with good credit, typically won't do business with you for the 10 years the bankruptcy remains on your file.
What happens to your credit during debt counseling largely depends on how your lenders report your account to the credit bureaus.
Being reported as late or delinquent will certainly hurt your credit score. A simple notation that you are in debt counseling probably won't. The credit score formula used by most lenders, known as FICO, now ignores any reference to debt counseling that may be in your file, according to a spokesman for FICO creator Fair Isaac & Co.
Even some lenders that were traditionally suspicious of debt counseling have loosened their stance. More mortgage lenders are willing to lend to people who have successfully completed repayment plans.
Some lenders say they even view debt counseling as an encouraging sign that a customer is getting his or her debts under control. Citibank, the largest issuer of credit cards, says people who have fallen behind on their payments often improve their status in the company's eyes by enrolling in -- and sticking with -- a debt repayment plan.
However, there are still some lenders who refuse to deal with anyone who has enrolled in debt counseling. And if you fell behind on your payments before you entered debt counseling, you'll find those late payments will still affect your credit score even after you've paid off your debts.
What is debt settlement: (also called debt negotiation):
The principal balance of your debt is negotiated to reduce the balance owed and get you out of debt faster.
Debt Settlement, or debt negotiation, is the act of contacting your creditors and negotiating a reduced payoff of your debt. It is not uncommon to pay 50% or less of the principal on your debt as settlement in full. This will save you more money in interest and principal payments than any debt relief program outside of bankruptcy. You should keep in mind, however, that some creditors will likely report your settlement to the major credit bureaus. However, when trying to get out of debt and to protect your credit as much as possible, debt settlement can be the most economical option for you.
As you can see, there are no easy answers for people who get in trouble with credit. It comes down to a personal decision; how badly do you need help, how badly has your credit already been affected, and how much worse would your credit rating become if you did not enroll in debt counseling.
I
received an offer from an entity promising to eliminate certain debts that I
owe. An OCC complaint form was included in the information they sent. I was
asked to sign it but provide no additional information. Is this a legitimate
offer? No. You should contact your bank or lender if you have any questions
about the debts you owe. Your lender is in the best position to work with you to
correct mistakes or create a workout plan. If you need to modify your
obligations or request that a lender not exercise its rights with respect to a
debt (for example, its right to foreclose on mortgage property if you are in
default), you should contact the lender directly to discuss whether mutually
satisfactory arrangements can be made, without delay.
I
received an offer from an entity that stated it could eliminate certain debts
that I owe. I am having trouble making payments on my debts. I have the money to
pay the fee they are requesting. Why shouldn't I accept the offer? You
should not accept the offer because this is not a legitimate method of
satisfying debts. The offers have no substance in law or finance. You cannot
eliminate an obligation to pay a debt, simply by paying someone a fee regardless
of the amount you owe. Your lender will not recognize these arrangements as
legitimate and may take legal action against you. You should contact your lender
directly if you are having trouble making payments.
I
am current on all of my loan payments. Why would an entity other than my bank or
creditor offer to help me eliminate my debt? These companies focus on
consumers who are current on their debts as well and those who may be facing
foreclosure. The perpetrators claim that they can eliminate or cancel various
types of debt, including mortgages, credit card balances, student loans, auto
loans, and small business loans. All are designed to take your money by
collecting fees for doing nothing, stealing your identity, or both.
If
they steal your identity, they could run up substantial debts before you become
aware of it. Someone with years of good credit history can have it ruined very
quickly by using one of these companies.
I
am in financial trouble. What are the legitimate options for satisfying my debt?
There are three basic methods for satisfying all debt owed:
*
Pay the debt in full.
*
Negotiate new terms directly with the lender.
*
Declare bankruptcy in a court of law.
Keep
in mind that bankruptcy will be reported on your credit history for ten years
and may make it very difficult for you to acquire credit in the future.
Who
should I contact to report a fraudulent debt relief scam? The following is a
list of law enforcement agencies you can contact for assistance:
*
All debt elimination scams should be reported to the Federal Trade Commission
(FTC) by telephone at 1-877-FTC-HELP or via an electronic online complaint form,
which can be completed on their website at www.ftc.gov. If the fraudulent scheme
is presented via the Internet or e-mail, contact the Internet Crime Complaint
Center (IC3) at http://www.ic3.gov.
*
If the fraudulent scheme is presented by an individual or at a seminar, you
should contact the local office of the Federal Bureau of Investigation (FBI) or
the local financial fraud law enforcement organization.
*
If the fraudulent scheme is presented via the U.S. Postal Service, you should
file a complaint with the U.S. Postal Inspection Service, 222 S. Riverside
Plaza, Suite 1250, Chicago, IL 60606-6100 or via email at https://postalinspectors.uspis.gov/forms/MailFraudComplaint.aspx
For
addition detailed information on Debt Elimination Schemes, please visit our
website at:
Review Disclaimer:
Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
Debt Settlement will help you get rid of your debts so you can re-take control of your life. Times are tough, and many Americans are facing unparalleled problems with debt. If you are living a life filled with collection phone calls, threatening letters in the mailbox and sleepless nights, you need to know about National Relief. Whether you are delinquent or struggling to make minimum payments, you may be able to get rid of your mounting debt and begin to see light at the end of the tunnel.
National Relief is a debt settlement company, whose dedicated team of professionals has but one goal, and that’s to help you turn your life around. It doesn’t matter how much unsecured debt you have, we are there to help remove the worry, the stress and get you on the path to financial recovery.
Why is debt settlement a better choice for you? Using a debt settlement service is a choice, and a choice that can change your life. When you use National Relief for debt settlement services, here is what you can expect:
* We have debt settlement professionals who will work with your creditors to get your balances as low as possible.
* Rather than continuing to pay huge and numerous bills each month, you will start making one low monthly payment. We will get it to an amount you can cope with, and each payment will be put into an FDIC insured trust account, where it will work to satisfy your debts.
* Within 24 to 48 months of starting a debt settlement plan, you can expect to settle your debts, and through a payment plan you can live with.
Why Consider Debt Settlement Over Bankruptcy? Many people think that bankruptcy is their only option when debts seem insurmountable, but that is a very old notion. Bankruptcy can and will affect your credit for years to come, and can result in loss of property as well as still being forced to pay off the debts. Bankruptcy is one way to lose your credit and still be in debt. Here’s how it works:
* Bankruptcy can destroy your credit by leaving your ratings low for as long as 7 to 10 years.
* Chapter 7 bankruptcy can require the sale of any property not protected by law.
* Chapter 13 bankruptcy will offer a payment plan and will leave a bankruptcy mark on your credit report.
* Your credit report will reflect the bankruptcy option you chose, and your chances of getting credit will be low if not impossible. Interest rates will be high.
Yes, bankruptcy is an option, but is it one you want to take? How Can Debt Settlement Help You? By knowing more about debt settlement and how it works, you may see that it is the right path to take for eliminating your debt problems.
* As you make monthly payments through an FDIC insured trust account, and save funds for settlements, once settlements are made, your credit report will reflect that you have $0 balances and account is “ Settled”, unlike Bankruptcy that will stay on the report for 10 years.
* You will be able to make one monthly payment into the program a payment that you can afford.
* Our company does not charge any upfront fees, your payments will go into a trust account designated for settlements, only after agreements with creditors are reached the fees will be collected.
* Be debt free and stress free, contact us today to see if you qualify.
Debt Settlement and Other Alternatives - At National Relief, we believe that debt settlement is a good option for many people. We can provide the knowledge and experience to help you make the right decision for your circumstances. That’s why we provide information and guidance on two other main credit relief alternatives to debt settlement:
*Debt Management
*Bankruptcy
Our Accreditations:
*IAPDA - National Relief requires all of our Debt Arbitrators to be accredited through the IAPDA, the International Association of Professional Debt Arbitrators * Tested and certified by Arbitrain Click here to view our certificate
*National Relief is a member of TASC (The Association of Settlement Companies) and is constantly audited to assure and verify our quality control and compliance in the industry. National Relief‘s customer service, underwriting, processing and arbitration is done by a fully accredited member of TASC and has been audited to verify that they are fully compliant with all of our best practice standards.
*Nationalrelief.com is fully compliant with the Federal Trade Commission (FTC) final TSR rule 16 C.F.R. Part 310. Nationalrelief.com does not charge any fees up front. Fees are collected only after negotiations with creditors are completed. Nationalrelief.com offers clients a comprehensive debt relief solution, including debt consolidation, debt restructuring, debt settlement and credit counseling. Our results continue to exceed our customer’s expectations and industry standards.
Toll Free: 888.703.4948
NationalRelief.com
2502 86th Street, 4th Floor
Brooklyn, NY 11214
Review Disclaimer:
Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
Nobody wants to remember a deceased family member by the debt they left behind, but many creditors certainly make it difficult to forget.
Denise Townley was appalled when she received a letter from her mother's credit card issuer less than two weeks after her mother passed away.
Confused and concerned that she was on the hook for her mother's debt, Townley called Discover. When she asked a probate specialist there how they knew her mother had passed away, she was told that Social Security furnished the information.
"I find this not only ethically abhorrent, but also irresponsible and insensitive on both parties' parts," said Townley.
But while it may be "ethically abhorrent," it's not illegal. Banks are within their rights to seek payment for debts owed by a deceased borrower, and the estate is liable for the debt if it has enough money.
"We understand that settling the affairs of loved ones is difficult," a Discover spokesman said. When contacting family members about the unpaid debts of deceased card members, Discover states upfront that payments on behalf of a deceased relative are voluntary, not required, he added.
How soon is too soon? Financial institutions typically receive notice of a person's passing from the Social Security Administration within a month or two, according to a recent review of the agency conducted by the Social Security Administration's Office of the Inspector General. Yet, in some cases, banks find out even earlier than that.
Because it's likely the deceased carried multiple debts, creditors often race to be the first to collect money from the next of kin or the estate before it has all dried up, said Gerri Detweiler, a debt specialist at credit card research and comparison site Credit.com.
Hey Social Security, I'm not dead! "The longer a creditor waits to get paid, the less their chance of getting paid," she said. "And unfortunately, they may find that it's easiest to elicit payment when bereaved relatives are still trying to sort everything out."
During her husband's wake, Deborah Crabtree said she had set up an answering machine and put it on speaker phone so that loved ones could leave their condolences, according to the complaint she filed against Bank of America.
But instead of hearing only the voices of friends and family come through the speakers, she said a debt collector from Bank of America Home Loan Servicing called every 15 minutes and left harassing messages about the debts her husband had left behind that everyone in the house could hear.
Even after the wake, Crabtree said Bank of America collectors called her as many as 48 times a day -- and even threatened to foreclose on her home, according to a lawsuit she filed last month against the bank.
Crabtree, who lives in Honolulu, said she had told the bank that she would pay the debt as soon as she received her husband's life insurance check. However, the agents told her that since the calls were computer-generated they couldn't stop them until the debt was paid.
Extreme debtors: Crabtree's lawsuit claims that Bank of America violated state debt collection laws. Her lawyer, Gary Shigemura, said the bank has not yet responded in court.
For its part, Bank of America declined to comment on the particular case, but a spokeswoman said that in general, the bank informs family members when they aren't responsible for the debt of a deceased relative.
The Federal Trade Commission recently declined to impose a "cooling off" period after a death, during which creditors wouldn't be allowed to go after a debt.
The FTC said it was unnecessary, since its rules under the Fair Debt Collection Practices Act already prohibit third-party debt collectors from collecting debts at "inconvenient times" and harassing customers.
Yet, the FTC only governs third-party debt collectors, not the banks -- which are regulated by individual states. And while many of the states have laws similar to the FTC's, the terms "harassment" and "inconvenient times" can be interpreted very differently by consumers and creditors, said Detweiler.
Do you owe money for the deceased's debt? Often mourners don't have enough time to grieve their loss, let alone assess the debts owed by the deceased -- and whether or not they're on the hook to pay for it.
Some debt collectors make family members feel responsible for debt owed by the deceased by asking them questions about whether they were the one who paid for the funeral or took care of other business related to the person's death, said Detweiler.
"They don't necessarily state that you are liable for the debt, but they blur the lines to make you feel like somehow you are responsible for it, even if it's just a moral responsibility," she said.
Get more information about debt, and read our articles related to debt counseling.
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Can I sue a debt collection agency? Yes, you can sue a debt collector who violates your rights. Examples of violations include continued calls after you've sent a cease and desist notice, the collector informs an unauthorized third-party about your collection, or a debt collector threatens to have you arrested and put in jail for a debt. The most important step of how to sue a debt collection agency, is to keep track of your conversations with debt collectors. After you talk to a collector over the phone, write down the collector's name, summarize what was said, especially any specific threats or promises made. Keep your notes for a few years even after you pay the debt just in case the collector alleges you didn't fulfill your agreement or that you never paid.
