Unsecured debt consolidation loan and debt counseling.
Apply for an unsecured debt consolidation loan or for debt counseling. Pay off debts with a loan or combine monthly bills into one low payment per month.
Nonhomeowner unsecured debt consolidation
loan
We are not aware of any lender who offers
a large amount, unsecured debt consolidation loan for nonhome owners. An option is to obtain a loan via refinancing.
An unsecured debt consolidation loan is a loan that is only obtainable by homeowners who have adequate equity to refinance. The loan may then be used to pay off unsecured debt; hence the term: "unsecured debt consolidation loan".
What about nonhomeowners?
Nonhomeowners can also enjoy debt consolidation without a loan by using credit counseling. The unsecured debt is combined into one lower monthly payment.
Don't know which debt program is best for you? Compare credit counseling vs debt settlement to help you decide which one offers the best benefits for your situation.
Whether you choose a credit counseling agency or a debt settlement company, either program can only help you with unsecured debt. Find out what types of unsecured debt qualify.
Debt Consolidation Tips - If you have debts that you constantly shuffle, you may be paying high interest fees or late fees.
Debt consolidation is common and can help you get control of your finances. Money can be saved by eliminating high interest rates on balances or late fees from shuffling debts from paycheck to paycheck. Instead of too many debts that must be paid every week, you have one, low monthly payment until the debt is paid. The important thing is not to make any new debts until the old debts are paid. Consolidating debts can help make debts manageable.
Get out all your debts and get a total amount. Consider ordering a free credit report to review your credit history to see if there are debts you forgot about (or if debt errors exist). Knowing how much you owe in debts is a start to knowing how to handle debts and to make a plan. If you seek professional help, you must have all the details available.
Find a reputable debt consolidation agency, this may take some time and effort. Shop around as they can vary. Check to see how long they have been in business, if they have any complaints against them, do they have clients that are happy, and a list of their fees. Just because a company is ‘Non-profit’ does not mean they are great and you will get the best service.
Debt consolidation programs can be home equity loans or debt consolidation. Make sure you know if you are putting your home up to get a loan that can be used to pay off debts or if it is a non homeowner debt consolidation program. Some debt consolidation programs may hide the fact that you will be using your home to get a loan for debts.
Consolidate all your credit card debts onto one, low interest credit card. This is a good way to help yourself by doing it yourself. This may help you save money on too many credit card balances with high interest rates or late fees.
Negotiate with your creditors and ask them what lesser amount will they will take to be paid in full. Many creditors will take a lesser lump sum as they want to get paid. You may have to ask friends and family to give you a loan, but you can assure them with a written contract that you will repay them or make payments to them monthly.
A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period "for cause." (1) If the debtor's current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. 11 U.S.C. §1322(d). During this time the law forbids creditors from starting or continuing collection efforts.
This chapter discusses six aspects of a chapter 13 proceeding: the advantages of choosing chapter 13, the chapter 13 eligibility requirements, how a chapter 13 proceeding works, making the plan work, and the special chapter 13 discharge.
Advantages of Chapter 13
Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of chapter 13 is that it allows individuals to reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments. Chapter 13 also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers. Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.
NOTES:
1. The "current monthly income" received by the debtor is a defined term in the Bankruptcy Code and means the average monthly income received over the six calendar months before commencement of the bankruptcy case, including regular contributions to household expenses from nondebtors and including income from the debtor's spouse if the petition is a joint petition, but not including social security income or certain payments made because the debtor is the victim of certain crimes. 11 U.S.C. § 101(10A). return to text
2. In North Carolina and Alabama, bankruptcy administrators perform similar functions that U.S. trustees perform in the remaining forty-eight states. The bankruptcy administrator program is administered by the Administrative Office of the United States Courts, while the U.S. trustee program is administered by the Department of Justice. For purposes of this publication, references to U.S. trustees are also applicable to bankruptcy administrators. return to text
3. Section 507 sets forth 10 categories of unsecured claims which Congress has, for public policy reasons, given priority of distribution over other unsecured claims. return to text
4. A fee of $25 is charged for converting a case under chapter 13 to a case under chapter 7. return to text
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In our new "Freedom Fresh Start" Program, we offer an option to American consumers who need an effective debt reduction plan, and who want the security of knowing they will not pay fees unless they get results. Freedom Debt Relief charges a fee that depends on a number of things, including the State you're in, state guidelines, the amount of debt you're enrolling, and other variables. But in general, if you enroll in a standard 36 month program, in most cases your fee works out to approximately 7% of your total enrolled debt per year. And the most important thing to remember is that there is absolutely NO FEE RISK to you - we guarantee you will pay NO FEES for our services until we successfully resolve a debt for you. (Fees vary by state).
* Resolve Debt in as Little as 24-48 Months!*
* Reduce Your Credit Card Debt!*
* No Fees Until You Get Results!
* One Low Monthly Program Payment!
* Alternative to Bankruptcy, Debt Consolidation or Credit Counseling!
Debt Reduction Steps: The Debt Reduction Program is very effective. Here is a step-by-step overview:
Step 1: Call or e-mail us for a free consultation. We will assess your financial situation and determine your potential for debt reduction.
Step 2: We will work with you to determine the appropriate monthly dollar amount that you plan to save towards a negotiated settlement. This amount is typically significantly less than your current minimum payments, and goes toward paying off your debt (not simply paying credit card interest charges). These funds will be saved every month in a new account that you set up and control. Freedom does not charge any upfront or monthly fees. The only fees we collect are those associated with debts we actual resolve for you.
Step 3: Once you enroll in the "Debt Reduction Program" we contact your creditors in an attempt to handle future creditor communications. You are requested to avoid using credit while on the program.
Step 4: After funds have accrued sufficiently, we begin negotiating with your creditors to reduce your debts. We stay in contact with you to keep you apprised of your situation. Please note, it may take several months of savings before we are in a position to make settlement offers.
Step 5: Once a settlement is successfully negotiated with a creditor, you will be asked to authorize the settlement, after which we will send you a "Good News" notification from us.
Step 6: After the debt resolution is negotiated and a payment is made toward that settlement, you pay only the fee associated with that debt.
Step 7: After the full settlement amount is paid, your creditors may report to the credit rating bureaus that your accounts are "settled in full," "settled," "paid," "paid by settlement", or "settled for less than the full amount." Either way, you no longer owe on this account and the balance is zero. Congratulations, you are now free of that debt and Freedom will continue working hard on your other debts!
Could I negotiate debt settlement on my own? Yes you can. You can also do your own taxes and repair your own car, but most people choose to seek help. Most people prefer to leave these tasks to experienced people who earn their livelihood as specialists in those lines of work. Our team of debt negotiation specialists has only one job - negotiating reductions on our clients' unsecured debts, each and every day of the week. Our knowledge and experience puts us in a strong position to stand up to your creditors and fight for the best settlement possible. Together, FDR's team of negotiation specialists are resolving approximately $40,000,000 of debt each month.
Freedom Debt Relief, LLC
1875 South Grant Street
Suite 400
San Mateo, CA 94402
(800) 544-7211
Scam Debt Elimination Company Warning Signs: Here are examples used to fool people into paying money to scammers to eliminate debt:
* A phony arbitration award from an arbitrator not authorized under the debt agreement;
* The use of a nonexistent "trust account" supposedly held in a person’s name at the United States Department of the Treasury or some other part of the federal government;
* The substitution of a debt instrument issued by a company, group, trust, or person for the obligor’s original note or account at the creditor;
* The substitution of a fictitious U. S. government debt instrument, which claims to be payable or authorized by the United States Department of the Treasury or a related person or entity, for the obligor’s original note or account at the creditor;
* The substitution of a fictitious U. S. government financial instrument, which references an account located at the United States Department of the Treasury or with a related person or entity, for the obligor’s original note or account at the creditor;
* The substitution of a fictitious U. S. government debt instrument, which requires an official to authorize or refute the authenticity of the instrument, for the obligor’s original note or account at the creditor;
* A notice to the creditor that the contract or note is illegal and, therefore, the borrower does not have to pay the debt and may even be entitled to a compensatory award; and
* A notice to the creditor that the creditor does not have authority to “lend its credit” to the obligor and has violated the law, and therefore, the borrower does not have to pay the debt and may even be entitled to a compensatory award.
Chargeoff credit card - How to charge off credit card balances yourself, or get professional help from a debt settlement company.
Auto Loan: Get free quotes and apply for a new or used auto loan or for auto refinancing.
Credit Card: Search for secured and unsecured credit card applications and apply online. Applications for all types of cards ranging from an instant approval bad credit card to no deposit cards, including platinum credit card rewards.
Credit Report: Free credit report help to fix credit report errors and improve credit score ratings. You are entitled to one free credit report annually.
Free Credit Offers: Get no obligation, free credit offers plus financial tips to help effectively manage your personal finances.
Home Loan: Free multiple quotes from mortgage lenders. Apply for a new home loan and start building your financial security.
Mortgage Refinancing: 2nd mortgage loan and other types of mortgage refinancing for home remodeling, equity cash out or a debt consolidation loan and more.
Payday Loan: Easy approval bad credit unsecured loan with no credit check, no deposit and no security.
Personal Loan: Submit a short or long term personal loan application (if available), or apply for other secured or unsecured loan offers.
Personal Finance: How to file bankruptcy plus free bankruptcy forms. Create a household personal budget, balance a checkbook register, track expenses and more.
Other than a personal loan to repay payday loans, what is another option? Payday loans (aka cash advance loans, check advance loans), are handy when used sparingly and repaid timely. Fees range from $15 to $30 per $100 borrowed. The high rate and a short repayment term were designed for high risk people with bad credit and low income. What can make the situation worse, is if a borrower rolls-over (extends) the loan for another term and another fee. So what do you do when you cannot repay payday loans? One option is to negotiate a debt settlement for the balance... or at least for the fees. With a little effort, you can read our free debt settlement tips to negotiate on your own to avoid a debt settlement company's fees.
