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Non Profit Debt Management
Learn About How Non Profit and For Profit Debt Management Can Help you Save Money
Non Profit Debt Management
Reducing credit card debt is not always an easy feat for consumers today. Credit card are essentially designed to have "low" monthly payments. Convenient right? Sure its convenient but when your interest rate is nearing 20% or higher, you are looking at 80% of your payment going directly to interest and finance charges. Many consumers simply do not know this and are ok with making payments toward a balance that never goes down because they want to use that money to buy other things. This convenience is what keeps people in debt and the banks wind up making 4 times the original balance before it is ever paid off.
Fortunately negotiations have been created where the banks are willing to drop their interest rates low enough so that if you can demonstrate you can make timely payments, your term can be reduced and you can pay that debt off without harming yoru credit.
This can easily be accomplished through a debt management plan. Debt Management plans are simply consumer credit counseling programs. You may one monthly payment where your money is distributed to your creditors. You continue to receive statements from your creditors as the payments are being applied so you can track it. Consumer credit counseling is the exact same program of going over your expenses and income to determine how you can begin to resolve getting out of debt. If you are considering bankruptcy, you are required to under go credit counseling prior to filing.
The Debt Management Guys and girls are happy to provide a free consultation to determine if you need to enroll in a debt management plan. Many times we will tell you to simply work on budgeting better and send you on your way. Debt management plans are not for everyone, and sometimes debt settlement is a smarter alternative if you are already behind on your payments. The key to managing your debt is having a plan and sticking to it. Setting aside an emergency fund of $1000 is critical to anticipate unexpected events.
Our Debt Solution is our ultimate goal to help you get on the right track to financial freedom. With pre-negotiated interest rates as low as 5.9% depending upon the bank, we can help. Our debt management for credit card (s) is the exact way to help you get out of debt.
Do you bank with any of these creditors? Look what we can get your interest rate down to:
- Capital One 7.4%
- Bank of America 9.9%
- Chase 6%
- Juniper 5.9%
- HSBC (Household Bank) 9%
- Wells Fargo 7.3%
- US Bank 7.4%
- and many more! Contact us to find out how low your rate can go.
The FDCPA act was a law written to protect consumers from abusing collection agents. The law protects a consumer from things like preventing collection companies from calling before 9am, or after 9pm. In addition, they are not supposed to call you at work if you ask them not to. They cannot curse or threaten false things at you like throwing you in jail. (This isn't the 1500's) Retribution for fines for breaking these laws is $1000 per occurance. If you are being abused by ignorant collection agents, you should utilize an attorney to help you make money. Our clients that have a true financial hardship that choose to enroll in a debt settlement program are given a call log to make a record of everything a collection agency contacts them after the client has mailed a certified mail cease and desist letter. This way, they can prove in court if the law is being violated.
Feel free to contact us now for a no obligation quote on your financial situation. You can learn about 2 of the options that may be of help to you below.
Sometimes we get so busy we forget what bills are most important, so let's take a moment to review the priorities you have with your finances. Making rent or a mortgage payment on time is number. Making sure you have a place to lay your head at night is obvious enough but many people aren't organized about setting reminders to make that house payment on time.
Next come your utilities. Water, electric bill, gas, allow you to function and live at home. Buying grocieries is much more affordable than even eating fast food not to mention healthier.
Then come any loans you may have, gas for your car, outstanding loans, and learn to cut out expenses on things you don't need. If you have money left over, you will want to try to focus this on paying down your debt.
If you currently have a credit card balance owed to Advanta bank, First Premier Bank, Tiresplus credit card, or Firestone, we have 0% fixed rates to help you pay down your debt fast. In addition Chase offers a 6% rate, US Bank 7.4%, HSBC 9%, Bank of America 9%, USAA 3% and many more lower rates. If you are currently experiencing high interest rates, its best to pay down your debt fast in our credit counseling program without hurting your credit score.
Do I Qualify For Either Debt Management Plan?
Generally a debtor must have more than 5,000 US dollars (USD) of debt to qualify for either program, but in some cases you can have as low as $3,000 for a dmp plan. Since United States bankruptcy laws changed in October 2005, it has become necessary to undergo credit counseling in a long-term debt management plan because personal bankruptcy is not an option. When privately seeking the assistance of a third party debt management service, make sure that they are an actual company which is easily found on any secretary of state website. Being registered with the Better Business Bureau is also helpful to view any complaints they have and why. An enrollment fee is to be expected for debt management services, and there may be monthly fees included in a debt management plan since customer service is such a huge department for these companies to be successful.What occurs in a debt settlement is first a quote of your total unsecured debt. Your state, total debt, and number of months available for a debt settlement payment plan is then calculated. Once an affordable monthly payment can be determined, a calculation of your total debt savings is determined. You would then be set up on a monthly payment plan where your funds are electronically drafted from your checking or savings account into a FDIC non-interest bearing savings account. The benefit of debt settlement is that when you do not have a lump sum saved up, you have zero negotiating power with your creditors. Creditors always want a lump sum, or three large payments that most people in financial distress cannot afford. In addition to setting you up on a payment plan, you are educated on the appropriate ways to deal with creditors, what not to say, and how to demonstrate you are in financial hardship.
Debt Settlement does have a negative impact upon your credit score from stopping regular payments to your creditors, but the people we recommend for debt settlement are already behind on their payments, and thus have already harmed their credit score.
How Is My Credit Score Calculated ?
35% of your credit score is based upon your payment history of making payments on time, that is how it is damaged. In addition, 30% of your credit score is based upon your debt to income. When your debt is very high, especially across several credit accounts, it is not wonder that you are considered a higher risk and that reduces your credit score. So having more than $10,000 in credit card debt and having late payments has already harmed your credit score. If this is your financial scenario, debt settlement is the key to reducing your debt in 4 years or less, thus eliminating that 30% hit to your score, and repairing your credit becomes possibly again through timely payments on accounts you can afford to pay.
For a no cost, no obligation quote on your financial situation, contact us now.
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Should I respond to those phone calls advertising "Last Chance To Lower Your Interest Rates" ?
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Did you know that you can legally stop all collection calls from a third party collection agency if you mail and document the appropriate paperwork to them? Federal law enables you to make money off the people harassing you!
It doesn't matter how you got into debt. We can help you eliminate your debt in a time frame that works for you. Our Debt Management Program can help you do exactly that. For a no cost, no obligation quote on your financial situation, contact us now. or call 1-800-442-8004, ext 100 today.
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