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Debt Consolidation Company Information - Compare Debt Consolidation Companies Online
Not all debt consolidation companies are the same. Some are in
the business of offering you a service to pay off your bills and
clean up your credit history. Others take advantage of your
situation and scam you out of your money. To protect...
Debt Consolidation Loans - Knowledge Is Power
A debt consolidation loan pays for multiple other loans or lines
of credit. If you find yourself swimming in debt, this might be
a good option. Debt consolidation loan is the best option when
you have maxed out your credit cards and are yet...
Debt Reduction: Which debts do you pay off first?
If you've gotten yourself into some debt problems and are trying to drag yourself out, how do you prioritize your debts in terms of repayment? This can be the toughest decision you face - it will make a huge difference in how fast you're able to pay...
Federal Debt Consolidation Loans For Students
For American students, the U.S. Government came up with a plan that can help a student manage their student loan debt. The plan they came up with is called a Federal Direct Consolidation Loan. It does not matter if you are a recent graduate student,...
Reduce Debt - How To Prevent Bankruptcy By Reducing And Consolidating Your Debt
You can prevent bankruptcy by consolidating your debt with the
help of a loan or debt consolidation agency to reduce your
monthly payments and quickly pay off your liability. But before
signing final paperwork, you should develop a financial plan...
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Tips To Take Control Of Debt Collection
Debt collection tips can help. You may think you have no power when the debt collector comes calling, but think again! Creditors don't like losing out on the ability to collect money owed them. And most creditors will take steps to settle an unsecured debt to collect some money as opposed to no money.
Tip 1 - Keep Communications Open
Once you have your Money Management Plan on paper, you will be able to professionally respond to requests for payment from creditors and debt collection agencies. They may ask you, or you can offer, to send them a copy of your Money Management Plan. This opens the communication between you, and they may even be able to offer suggestions to improve your plan. Keep in mind, however, they will offer suggestions based upon their best interests, you need to negotiate based upon what's best for you!
Tip 2 - Know Your Credit Report
Obtaining a copy of your online credit report, and learning how to use it in debt management, can help you when it comes to negotiating with your creditors.
Tip 3 - Negotiating With Creditors
You can request a monthly payment reduction, either a temporary extension, or permanent reduction. Keep in mind, this method can involve adding years to your payment plan, as well as some type of "deferral fee" charged by the creditor.
Ask if the interest rate, principal balance, or monthly payments can be reduced to permit you to continue to pay the debt on time. Ask for principal reduction first, then interest reduction. If these are not agreeable, then request monthly payment reduction.
If you ask for all 3, the creditor will take the one best for them first, which is monthly payment reduction, and you end up paying too much interest. Lower payments, without the other two will only mean you are adding years and years to the payoff time. No bargain there.
If you have access to some money to make a large payment on a debt, you may want to consider debt settlement on some or all of your debts.
On secured debts, you risk losing the asset if you
don't keep your payments current. This includes your home, car, etc. These are priority debts to you, as well as priority debts if you decide to file bankruptcy.
Tip 4 - Do What's Best For You
Whether you are speaking with creditors directly, or to debt collection agency representatives, remember, be honest, and don't commit to payments you cannot make.
Tip 5 - Know Your Rights
The Fair Debt Collection Practice Act sets out exactly what creditors can, and cannot do, when talking with your about your debt. Don't be afraid, be informed!
http://www.debtsteps.com/fair-debt-collection-practice-act.html
Remember, being courteous and honest with creditors and debt collectors will go a long way in helping you to cope. No lies to remember, no self-induced stress, just honest communication to achieve your goals.
About the author:
Debs is the editor of www.DebtSteps.comwhere you can get the answers you need about debt relief, consolidation, credit counseling and more. Subscribe to the free newsletter and discussion list at http://www.debtsteps.com/debt-help.htmland get free money management worksheets in pdf and spreadsheet format. Get more information:
Compare the pros and cons of debt consolidation loans,
service companies, and credit counseling.
http://www.debtsteps.com/consolidate-debts.html
Understanding how your credit score
can affect your debt relief choice
http://www.debtsteps.com/credit-score.html
Free Money Management Tutorials
http://www.debtsteps.com/money-management.html
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