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ATTORNEY-BASED
DEBT ELIMINATION PROGRAMS
Why
Do I Need A Debt Elimination Program?
To learn how to get out of debt. Get debt
counseling advice from a debt attorney without
the "hard sell". After just a
few minutes, you will learn the difference
between the debt-relief programs that are
available to you, and which one is right
for your financial situation.
You need a debt elimination program
if any of the following are true:
- You
have high credit card debt
- You
have bad credit and want to get back on
your feet with low debt
- You
have good credit but have high debt and
are only making minimum payments
- You
have outstanding credit card bills or
cards with high balances
- You
have oustanding medical bills or medical
bills with high balances
- You
have overdue personal loans or personal
loans with high balances
- You
are being harrassed by creditors
- You
are being threatened with lawsuits by
creditors
- You
are being sued by creditors
- You
are serious about achieving low debt and
getting out of debt.
How
does a debt elimination program work?
In
this case, a debt elimination program
is when one party bargains with a bill collector
to hammer out a significantly reduced payment
of the total balance due. This process is
also sometimes called debt settlement or
debt arbitration.
For
example, a debtor owes $10,000 on an overdue
credit card that is now at a collection
agency. When the debtor was making on time
credit card payments, they were about $325
a month. A lawyer or professional negotiator
can bargain with the collector and present
them with a settlement offer of $75 a month
for a certain number of months. If the collection
agency chooses to accept this payment plan,
that is all the debtor will have to pay.
When the last payment is made, the debt
is eliminated and considered paid in full.
Can I Do It Myself?
Yes it can be done, however the average
consumer will get a better settlement by
enlisting the help of a qualified, reliable
counselor who is trained to negotiate with
creditors on a daily basis. The higher the
debt and the more bills that are overdue,
the smarter it is to get professional assistance.
Regardless of who negotiates, a creditor
should be contacted in writing to officially
request a reduced settlement.
How Long DoesThe
Debt Elimination Process Take?
This depends on whether or not you do it
yourself or enlist a professional. Making
progress with collectors can be a slow and
agonizing process when you do it yourself.
Many people say that it is like having another
full time job. Depending on number of creditors
and the amounts of the balances due, do
it yourself debt elimination could take
months or years. On the other hand, debt
professionals work on your case as their
full time job and can negotiate and eliminate
debts significantly faster.
A Word of Caution:
If you allow a lawyer, debt counselor, credit
expert, or financial agent to negotiate
on your behalf be sure the payments you
make to them are actually being applied
to your balances. Be sure any Power of Attorney
that you sign gives your counselor the right
to handle the debt elimination process ONLY.
(Power of Attorney is a form you sign that
gives another person the right to handle
your affairs on your behalf.)
If you are unhappy with the debt elimination
service you are receiving, contact The Federal
Trade Commission.
For
more options, click below:
Credit
Help:
Bad
Credit Cards
Bad
Credit Repair
Credit
Repair Help
Credit
Repair Service
Good
Credit Cards
Low
Interest Rate Credit Cards
Low
Rate Cards
Pre-Paid
Credit Card
Prepaid
Card Benefits
Secured
Cards
Secured
Card Benefits
Debt Help:
Debt
Counseling Services
Debt
Elimination Program
Debt
Settlement Program
Low Debt Help
Low
Interest Debt Consolidation Loan
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