Debt is an exceptionally tricky financial situation to navigate. Debt comes in a myriad of many different forms such as medical bills, student loans, personal loans, private loans, credit card debt, and so much more. With all these factors working against you, it can seem rather hopeless to financially progress which is why so many individuals feel as though they are trapped. A debt settlement program is a debt relief option that is specially designed to assist individuals in settling their unsecured debt so that they are able to get back on track toward a healthy financial lifestyle. 

This guide will have a closer look at how much debt you need to qualify for a debt settlement program, what to look out for, and how long it will take.

How much debt to qualify for a Debt Settlement Program?

As we previously discussed, debt is a tricky situation to navigate. The amount of debt that a single individual is in, is different from person to person. Not everyone shares the same financial circumstances and journey. Some may struggle to pay off hundreds of dollars in debt, whilst others may not struggle to pay off thousands. 

To settle for a debt settlement program, you should notice a few key details within your financial health. We will have an in-depth look at some of these key details. If you find yourself struggling with any of these areas, a debt settlement company may be just what you need.

When You Are Behind On Payments

Falling behind on payments can come with a wide range of negative drawbacks. From debt collectors constantly at your ear with collection efforts to the overwhelming stress and undue hardship of monthly payments that are increasing, one common issue that many individuals have is falling behind on timely payments. 

Whilst in some cases this may occur due to simply forgetting to pay a certain bill when it needed to be paid, the vast majority of individuals who find themselves in an unbearable level of debt may struggle to keep up with these payments. If you are struggling to keep up with your original debt payments, it may be best to reach out for professional help that will assist you through your time of need.

Lack of Financial Freedom and Progress

Financial freedom and progress is imperative. Being able to save for the future is a good means of ensuring that everything will be alright in the event of an emergency. If you cannot save for the future, or buy the things that you need, this may be a problem. 

When debt reaches levels that are all-consuming of your income, and has a negative impact on your ability to save in the event of an emergency, seeking the assistance that you need from the right debt relief service and debt relief program is an effective solution to your problems.

Filing For Bankruptcy

Personal Bankruptcy is a process that lasts a very long time. 10 years to be specific. What many do not know is that bankruptcy does not only affect you during this period but also after it has passed. When you apply for a job or personal loan in the future, you may be asked whether you have filed for bankruptcy in the past. 

Answering dishonestly could get you charged with fraud. In some cases, having filed for bankruptcy in the past makes it more difficult for individuals to land new jobs and receive personal loans when it is most important. Bankruptcy should be treated as an absolute last resort. If you have thought about filing for personal bankruptcy, it is best to speak to a debt expert and credit counselor first to find out what avenues are still available. 

How much will a debt collector settle for?

Each debt collector is different and will settle for different amounts. The drawback to a debt relief program is that a debt collector, finance company, credit provider, or credit card company, does not need to agree to the terms of the debt settlement agreement. 

Having the right assistance from a professional team such as Alleviate Financial Solutions will provide you with an expert team of negotiators that have the experience needed to negotiate with debt collectors. Debt collectors will often settle on an amount that is realistic for both them and yourself. It is better that they receive any payments toward the debt than no payment at all. 

How long does it take to settle a debt?

The answer to this question may vary based on the amount and type of debt. There are many different factors that affect how debt is handled and how it increases or decreases over the following months. The average length of a debt management program can range anywhere between 24 to 48 months, depending on your personalized debt management plan. 

Speaking to a credit counselor and professional debt relief company will provide you with an accurate timeline of events that should occur during this process. Some factors that may cause this process to take longer could include missing payments, late payments, high-interest debts, adjustments from the creditor during the negotiations, and any unforeseen financial hardship that may occur during the duration of the program. The aim of the debt relief program is to ensure that you pay off your debts sooner and at a lower rate so that you have the financial freedom to focus on personal growth and progress.

How much debt do you need for Alleviate Financial Solutions’ Debt Relief?

If you are struggling with any of the aforementioned areas of concern due to the crippling nature of your debt, you qualify for Alleviate Financial Solutions’ debt relief. Every person is different, and so are their financials. While some may struggle with small amounts, and others may struggle with larger amounts, Alleviate’s goal is to assist individuals in settling their debt by developing a professional personalized plan for each individual. 

By utilizing years of experience and a team of exceptional debt experts, Alleviate is able to provide you with the debt relief service that assists you when you need it most. Get in touch with Alleviate Financial and book your first consultation to get back on track toward a more positive and healthy financial future.