Giving hope to hopeless since 2007
Debt Solutions - Pick the best one to keep debts under control
Debt solutions make your life easier by solving complex financial problems within a few months. The best solutions are the ones which help you reduce collection calls, pacify creditors, save your money and time.
Debt solutions – For whom and why
Debt Settlement (DSP) – A solution wherein you pay less on principal and save more.
Those who
- Are in credit card debt
- Are getting collection calls
- Have payday loans and medical debts
- Have private student loans
- Are planning to file bankruptcy
- Want to get rid of bills fast
- Want to save on principal
- Don't want to pay late fees
Why
- Debt settlement pays off unsecured debts
- DSP reduces collection calls
- Companies negotiates to reduce principal
- Usually, DSP takes 2-3 years to complete
- Can settle debts within 2-3 months if you're lucky
- DSP waives off late fees and penalties
Effect on credit - Initially, it hurts your credit. But, later you can rebuild it. All you need to do is use the right strategies.
Verdict - Best debt solution for those who want a 'quick release' from their financial obligations
Debt Consolidation – A solution wherein multiple payments are replaced by a single bill.
Those who
- Have credit card debt and student loans
- Want to have one payment every month
- Can't manage multiple bills
- Have private student loans
- Need to pay off utility and cell phone bills
- Have pending apartment leases
- Want to have less collection calls
Why
- Debt consolidation caters to unsecured debts
- It can help you to take care of federal student loans
- It gives you one affordable monthly payment plan
- Consolidators deal with your collection calls
Effect on credit - It won't make a negative impact on your credit score.
Verdict - Best debt solution for those who are not pro at multitasking
Debt Management – A solution wherein you make a single payment each month and save on interest rate.
Those who
- Can follow a budget
- Have credit card debt and pdls
- Have personal loans and medical bills
- Want to save on interest rates
- Are tired of dealing with collection calls
Why
- Credit counseling agencies (offering debt management plans) will create a budget for you.
- A DMP can solve all unsecured debt issues.
- Credit counselors will negotiate and slash interest rates.
- They'll take care of your collection calls.
Effect on credit - It doesn't hurt your credit.
Verdict - Best debt solution for those who can follow a budget
Bankruptcy – A legal debt solution where bankruptcy court negotiates with your creditors on your behalf.
Those who
- Want to stop collection calls
- Well acquainted with bankruptcy laws
- Can pay bankruptcy fees
- Can qualify means test
- Feel it is 'only' the legal debt relief option
Why
- Automatic stay is imposed on collection calls
- Bankruptcy court discharges debts as per the laws
- Need to pay attorney and court fees
- Need to prove you really can't pay back creditors
Effect on credit - Disastrous. It'll drop your credit score by more than 200 points.
Verdict - Best debt solution for those are ready to risk their credit score
How to select a company that offers the best debt solution
You've to be extremely conscious when selecting a debt relief company. Remember, a company can offer lots of solutions. But, this doesn't necessarily prove that it's the best company.
A good debt solution company will typically give you:- Breakdown of fee structure and cost
- An estimate of how much you can potentially save
- An idea about how long you need to make payments
- An idea about the possible results and risks
Steps to take before going for debt solutions
1
Look at the fees and costs:
Check out the FTC rules to know how much you should pay for fees and associate costs.
2
Check out your tax obligations:
Forgiven debt is taxable. Before choosing any debt solution service, make sure you talk with a tax professional.
3
Read the FTC guidelines:
Clear your misconceptions to know about the good debt solution services and avoid scams.
Still don't know which debt solution is best for you?
Call us at (800) 530-OVLG
to get FREE reviews on debt solutions
Call us at (800) 530-OVLG
to get FREE reviews on debt solutions
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