Help With Debt To Achieve Financial Freedom

What Are Your Options For Debt Relief?

Is getting debt help to alleviate your financial stress constantly on your mind? When a debt collection agency or a creditor calls all day long every day, it’s hard to forget your debt burdens, and finding debt relief options is all you can think about.

Fortunately, there are a handful of different options for getting debt relief so you can move on with your life. That said, not everyone qualifies for each kind of help.

So what are the various options and qualifications for getting debt help? And, what types of debt relief services are available for people who’ve fallen behind on their debts so badly that they can’t get ahead no matter what they try?

We will begin with an overview of debt relief methods and how each works so you can understand what options might be available to you.

Is Getting Debt Help Right For Me?

Whether or not debt help is your best option depends on your financial circumstances and the type of debt relief you’re seeking.

If your financial situation is so terrible that you can’t even meet your basic living expenses, let alone pay off your debts, debt settlement might not be your best option.

Generally, even very generous debt settlement plans will require paying 25% of the total debt owed, so some discretionary income is necessary to go the debt settlement route.

Chapter 7 bankruptcy might be an option for those without prospects of increased income and just need a fresh start financially. Keep in mind that filing for bankruptcy can drag down your credit for up to ten years, so you should avoid this option if at all possible.

If you’re unsure what route to go, the debt help specialists at Alleviate Financial are waiting for your call to guide you down the path that’s best for your future.

Common Options for Debt Help

• Create a strict budget to squeeze out extra money to pay more than your monthly payments each month to reduce the debt.
• If your credit is still relatively good and you just need better terms to pay down credit cards, assistance from a credit counseling agency may be an option or you can try saving money just in case.
• Taking out a debt consolidation loan can provide one payment each month with a lower, simple interest rate instead of the high revolving interest of credit cards.
• Working out a debt settlement through Alleviate Financial can reduce balances, interest charges, and fees, along with creditors agreeing to a reduced paydown schedule, lower your interest rates, and no more collection calls.
• Filing for Chapter 7 bankruptcy can wipe debts clean, but with the negative side effect of severely limiting your credit access for up to ten years.

Does Getting Debt Help Affect Your Credit?

Depending on the type of help you get, your credit could be affected. Chapter 7 bankruptcy can harm your credit for up to ten years, and debt settlement can cause temporary drops in your credit score while you’re paying the plan down.

Before seeking help, make sure you’ve first established a strict budget to ensure your finances are efficient. If you still can’t get your personal debts paid down, seeking new credit is probably not a wise decision, so getting debt help can be the priority over credit score as a long-term strategy.

What Are The Qualifications For Debt Help?

If your best option is debt settlement, you’ll need to make regular payments into a settlement savings fund, which will be used as leverage in the negotiating process and later to pay your creditors. This payment is usually lower each month than the current combined amount of debt payments, so your total monthly payments could be reduced overall, giving you a stronger chance of financial success and maintaining on-time payments.

Is It True That Creditors Forgive Debt After Seven Years?

While it is true that debts will fall off credit reports after seven years, they haven’t technically been “forgiven” by your creditors. Compare that to personal bankruptcy, which can remain on credit reports for up to ten years.

Fortunately, positive records remain on your credit report indefinitely, so it’s possible to reestablish a clean one with time.

Can You Go To Jail For Unpaid Debt?

Thankfully, debtor prisons don’t exist in the United States, so you can’t be sent to jail for simply not paying your credit cards. Usually, when you can’t make your credit card payments, your creditors will sell the debt to a collection agency at a deep discount.

If left unpaid long enough, the debt will eventually be written off and removed from your credit report. Keep in mind, this takes years, so it’s not a wise plan if you’re trying to re-establish your credit quickly.

What If I Just Ignore Debt Collectors?

A risk of ignoring debt collectors is that they could take legal action against you. If courts award a judgment against you, collectors could enforce a wage garnishment, resulting in a significantly reduced paycheck until the debt has been paid off. Collectors could also be granted the ability to levy your bank accounts. If collectors threaten legal action, it’s wise to get help from a certified credit counselor like the ones at Alleviate Financial. Call today if you’ve had legal action threatened against you.

Can I Legally Stop Paying My Credit Cards?

There are undoubtedly negative legal consequences for not paying for your credit cards. The fact is, if you stop paying your credit cards altogether, the companies can take legal action that may result in wage garnishments or bank levies. So while you may not be sent to jail, your finances can be negatively impacted to a severe extent if you don’t pay your credit cards.

Do Credit Card Companies Ever Forgive Debt?

A credit card company almost never forgives credit card balances entirely, but sometimes lowers interest rates, especially if you haven’t paid them in a while and the debt hasn’t yet been sent to a collection agency. In these cases, debt help from a credit card debt relief company like Alleviate Financial can help you get a settlement with the most significant balance reduction possible.

What Does It Take To Qualify For A Debt Consolidation Loan?

The downside to debt consolidation loans is you will need to have relatively good credit to get loan terms that make sense. This isn’t very helpful for those who have bad credit scores due to high-balance credit card debt. Lower scores mean higher interest rates, which may or may be worth it long-term.

Medical Debt Help

What about if you’ve accumulated debt because of unexpected medical bills you can’t pay?
After major medical procedures and hospital stays, it’s common to wind up receiving unexpected medical bills that are confusing to understand whether or not insurance will pay. People often have no clue what the medical bill is even for or if they are supposed to pay it.

When these medical bills go unpaid, they get turned over to collection agencies and are added to the person’s credit report, wreaking havoc on their finances. If you’re facing massive medical debts, it may feel like there’s no escape.

Alleviate Financial helps clients with medical debt help every day by negotiating down their medical debts, getting them the financial relief they need.

Help with ending harassing calls from medical debt collection agencies is just a call away. Contact the medical debt settlement experts at Alleviate Financial today.

Can You Settle Medical Debt?

Medical debt collectors can create major financial headaches and hamper your long-term plans. When medical debt is added to your credit report, your credit score can drop, making it harder to get loans at reasonable rates, along with limiting your borrowing options.

It’s critical to avoid medical debt collection accounts on your credit report because it’s not uncommon for them to be sold often, leaving a trail of multiple negative accounts.

Medical debt settlement can alleviate your financial burden by negotiating a lower lump-sum payoff to wipe your credit report clean of medical collection accounts.

Alleviate Financial offers medical debt settlement programs that put an expert negotiator on your side to settle your medical debt with the greatest possible balance reduction, maximizing your financial relief.

Will medical collection agencies negotiate debt?

While nothing legally mandates that medical debt collectors negotiate to reduce the debt accounts they purchase from medical offices and hospitals, they are usually happy to collect some payment rather than none.

Alleviate Financial has expertise in negotiating with major medical debt collection agencies, so rest assured we will negotiate the best possible deal.

Give us a call today and get expert medical debt negotiators working for you.

Getting Medical Debt Help From Alleviate Financial

Through a debt settlement program from Alleviate Financial, medical debt reductions can be significant. Because medical debt collectors buy their accounts for pennies on the dollar, there‘s much room for negotiating the debt down.

Alleviate Financial has seasoned professional negotiators who work daily with medical debt collectors to settle our clients’ medical debts for the lowest amount possible.

Call our team today and get your free consultation about medical debt settlement as a financial solution for your future.

Are There Disadvantages To Debt Management Plans?

While debt management programs can help you get considerable reductions in debt balances and better repayment terms, they aren’t perfect. Disadvantages of seeking debt help with settlements include:

• You must still repay debts — they aren’t totally wiped clean.
• Your creditors don’t have to participate, and some may try to demand immediate repayment of the entire debt.
• Not all debt qualifies for settlement, such as secured debt like home loans and car loans. Not paying these accounts could result in foreclosure or repossession of the underlying assets.

Can I Negotiate My Debt On My Own?

It’s possible to negotiate directly with credit card companies. Sometimes you can convince creditors and collection agencies to remove some of your late fees and interest charges if you’re struggling to make ends meet. However, Alleviate Financial’s staff of experts will be contacting your creditors daily to give them key insights into the most effective strategies for getting reductions of balances.

Still not sure which form of debt help is right for you financially? Alleviate Financial has debt help specialists who are ready to help you discover which kind you may qualify for, along with the pros and cons of each option. So call us today to alleviate your stress and get your financial life back on track.